On 25 May CESR published a report to the Commission and the Economic and Financial Committee on the progress made by EU CRAs towards compliance with the revised IOSCO code of conduct for CRAs. The Report concludes:
- the codes of larger global CRAs (including Standard & Poor's, Moody's and Fitch) broadly comply with the IOSCO Code, except its structured finance ratings provisions introduced in 2008;
- of the other EU CRAs, about a third have no code of conduct. Most of those that do have codes of conduct have not adopted the 2008 amendments to the IOSCO Code as they are waiting until EU legislation regulating credit rating agencies comes into force; and
- overall, EU CRAs that have adopted and published codes of conduct that broadly comply with the 2004 version of the IOSCO code.
The European Economic and Social Committee has announced that it fully supports the Commission's plan to regulate and register CRAs.