On August 25, 2011 the Swiss Financial Market Supervisory Authority FINMA published its Circular 2012/1 – “Rating Agencies”. The Circular enters into force on January 1, 2012 replacing the existing one of 2008. It governs the recognition of institutions whose credit ratings are used for regulatory purposes by FINMA supervised persons. It shall safeguard minimum standards for ratings which are used in the regulatory purpose. The recognition of rating agencies is predominantly guided by the “Code of Conduct – Fundamentals for Rating Agencies” promulgated by the International Organization of Securities Commissions IOSCO.
For further information please refer to FINMA Circular 2012/1, the respective press release of FINMA of August 25, 2011 as well as the Consultation Report of FINMA of the same date.
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