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Code of Conduct for Credit Rating Agencies (CRA)

News release

6 December 2004

Code of Conduct for Credit Rating Agencies (CRA)

The International Organisation of Securities Commissions (IOSCO) will publish ''Fundamentals of a Code of Conduct for Credit Rating Agencies'' shortly.

The IOSCO Chairmen’s task force which developed the Code says it offers a global approach to issues of concern to investors, issuers, governments and rating agencies.

The Code deals with issues such as how CRAs should:
- avoid or mitigate potential conflicts of interest;
- improve the transparency of the ratings process; and
- protect their integrity and independence while dealing fairly with issuers, investors and other market participants.

The Code provides for disclosure to monitor compliance by CRAs.

The Chairmen’s task force consulted with the Basel Committee of Banking Supervisors and the International Association of Insurance Supervisors to develop the Code.

Details of the consultation documents and public comments are available from IOSCO press release of 3 December 2004
http://www.sec-com.govt.nz/new/releases/2004/061204.shtml.

ENDS

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