The Bond Market Association has welcomed the International Organisation of Securities Commissions’ (IOSCO) initiative to develop code of conduct fundamentals for credit rating agencies, and has emphasised its support for self-regulatory measures, rather than detailed regulation, for these agencies.
In a comment letter, the Association also expressed concern with some of the proposed measures for enforcement of the code, believing that compliance will be best achieved through market mechanisms and appropriate appeal and complaint procedures built into rating agencies own codes of conduct, rather than arbitration.
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