The paper has two objectives. Firstly, to provide analysis of the role of credit rating agencies in structured finance markets. Secondly, to propose several recommendations for modifying the IOSCO Code of Conduct Fundamentals for Credit Rating Agencies.
The paper is published for information and comment. Comments as to whether the paper correctly analyzes the role of credit rating agencies in structured finance markets and as to the proposed recommendations for modifying the IOSCO Code of Conduct Fundamentals for Credit Rating Agencies would be welcomed.