CESR has investigated whether credit rating agencies (CRAs) in the European Union comply with the IOSCO code of conduct.

According to the report one in three CRAs have not implemented a code of conduct. CRAs with a code of conduct generally use the general conditions of the 2004 IOSCO code of conduct. As a rule, the amendments IOSCO made in 2008 have not been incorporated. The majority of CRAs are waiting for the proposed European Regulation on credit rating agencies.

In addition, CESR has ascertained that 24 CRAs may be eligible for registration on the grounds of the new regulation. Twenty of these are local credit rating agencies and four have branches in various member states.