FSB has published a progress report on reducing reliance on, and strengthening supervision of, credit rating agencies (CRAs). It thinks progress needs to speed up. It acknowledges jurisdictions started from different points, but points out that only the EU and US have made significant progress. It notes the proposals for change from the Basel Committee and now wants FSB member jurisdictions to encourage financial institutions to reduce reliance on credit ratings and improve disclosure of their internal risk assessment processes. It will finish its current peer review work and publish a final report on it in early 2014. (Source: FSB Publishes CRA Report)