AFM
CESR: rapport over Code of Conduct voor Credit Raters
Vandaag heeft CESR haar rapport aan de Europese Commissie gepubliceerd
over de toepassing van de Code of Conduct voor kredietbeoordeelaars,
de zgn Credit Raters (CRA's).
Deze Code of Conduct is in 2004 opgesteld door IOSCO, de wereldwijde
organisatie van effectentoezichthouders, en is vervolgens op advies
van CESR ook de (vrijwillige) norm in de Europese Unie geworden. In de
EU zijn vier credit raters die er voor gekozen hebben om de IOSCO-norm
na te leven: Moody's, Standard and Poors', Fitch Ratings en Dominion
Bond Rating Service Ltd. Het CESR-rapport bevat o.m. een vergelijking
van de eigen codes van deze vier organisaties met de Code van IOSCO.
Daarnaast wordt in het rapport de praktische aspecten van de
toepassing van de Code beschreven aan de hand van de antwoorden op een
questionnaire.
CESR conludeert dat de IOSCO Code in grote lijnen wordt gevolgd. Er
zijn echter belangrijke aandachtpunten, namelijk de scheiding tussen
de kredietbeoordeling en de bijkomstige dienstverlening (`ancillary
services') , alsmede de wijze van publicatie van ongevraagde ratings.
CESR kondigt voor 2007 een nieuwe review aan.
CESR werkt op het gebied van CRA's nauw samen met IOSCO. In januari
2007 zal ook van de hand van IOSCO een rapport verschijnen over de
wereldwijde toepassing van de Code of Conduct.
Voor nadere informatie wordt verwezen naar het volledige persbericht
en het rapport op de website van CESR.
Zie het origineel
Het originele bericht vindt u hieronder.
CESR publishes its first report to the European Commission on the
compliance of the credit rating agencies with the IOSCO Code of
Conduct
CESR publishes today its first report to the European Commission on
the compliance of the credit rating agencies with the IOSCO Code (Ref.
CESR/06-545) following the Commission's request. This draws to a
culmination the outworking of this years work under the voluntary
framework of co-operation between CESR and the Credit Rating Agencies
(CRAs) outlined in CESR's website (Ref. CESR/05-751).
The report provides a clear analysis of the codes of the four CRAs
that have chosen to adhere to the voluntary framework (Moody's,
Standard and Poors', Fitch Ratings and Dominion Bond Rating Service
Limited) in relation to the IOSCO Code. It includes in a column format
a comparison of the provisions of the IOSCO Code with the
corresponding ones in the four CRAs codes, indicating in the table
those measures where the CRAs have chosen to explain rather than
comply, and including the CRAs' explanations. The table also provides
for certain provisions some indications of how the measures are being
applied in practice.
In addition to these indications provided by CRAs on the practical
application of the provisions included in the table, section III of
CESR's report deals more specifically with the practical aspects of
the day to day application of the CRAs codes by including a summary of
the responses received to the questionnaire prepared by CESR.
CESR's conclusions are explained in the last section of the report.
CESR considers that the CRAs codes comply to a large extent with the
IOSCO Code. There are however some areas or provisions where the CRAs
codes do not comply. Some of these are of minor importance, because
the CRAs acheive the desired outcome that the IOSCO Code aims at,
without formally having provisions in their codes that mirror the
IOSCO Code (these minor deviations can be found in the analysis
provided in section II).
There are however some areas, highlighted in the last section of the
report and mostly coincident with those pointed out by market
participants, where the deviations are of greater importance. Some of
them are common to all four CRAs, and some of them are specific to
individual CRAs. In particular, the area where all the CRAs seem to
have difficulties in complying with the IOSCO Code relates to the
separation between the rating service and the ancillary services
provided by the CRAs and the disclosure of unsolicited ratings.
Consequently, CESR considers that there is still room for improvement
in the areas identified (either in specific cases or generally) and
intends to look particularly into these issues in its review for 2007
to see whether there have been improvements.
While preparing its report, CESR has closely coordinated with fellow
regulators, especially with IOSCO as it is currently reviewing the
implementation by the CRAs of the IOSCO Code. IOSCO has set up a task
force that is examining the codes of conduct released by CRAs of all
sizes and jurisdictions in response to the IOSCO Code, to determine
whether any trends exist with regard to non-compliance or consistent
variations in interpretation by CRAs of what constitutes compliance.
This information may prove valuable to determine whether any aspects
of the IOSCO Code should be modified to better reflect market
realities, or better explained to help ensure more consistent
compliance. IOSCO expects to publish its report in January 2007.
CESR expects that its main findings about the codes of the four CRAs,
which is the object of this report, are consistent with the IOSCO
work. However, IOSCO has not yet finalised its paper, so it is not
possible to assess with certainty the exact differences between the
reports. So far, it is likely that only in-substantive differences
between the conclusions of the two reports will arise, due to the
different methodologies used to produce them.
CESR will continue this cooperation with IOSCO and has, in particular,
set out in section IV of the report some suggestions with the aim of
improving several areas of the IOSCO Code.