Iosco updates rating agencies' implementation of code of conduct
Report shows larger credit rating agencies have implemented the updated Iosco code of conduct
Iosco says the three largest rating agencies - Fitch, Moody's and Standard & Poor's - have substantially implemented the 2008 revisions of its 'Code of Conduct Fundamentals for Credit Rating Agencies'.
A number of smaller rating agencies have failed to update their code of conduct to take into account the 2008 amendments - made in the light of criticisms in the current crisis over inaccurate ratings and conflicts of interest in ratings analysis.
Iosco says its task force is being evolved into a permanent standing committee on the organisation's technical committee. You can read Iosco's media release here.
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