Iosco updates rating agencies' implementation of code of conduct

Report shows larger credit rating agencies have implemented the updated Iosco code of conduct

MADRID - The International Organisation of Securities Commissions (Iosco) has published the results of its task force on credit rating agencies looking at how much work the agencies have done to implement Iosco's code of conduct updated in 2008.

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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