Standard & Poor’s Ratings Services is requesting comments on a proposal to expand global coverage of recovery ratings and analytics and to increase the weight of recovery prospects in issue ratings. We view this proposal as a natural evolution of the groundbreaking work we began in 2003 by rolling out recovery ratings for secured debt instruments of industrial speculative-grade issuers.
Fitch Ratings is planning to extend the introduction of Issuer Default Ratings (“IDRs”) on the short-term rating scale – i.e., Short-Term Issuer Default Ratings or “ST IDRs” –to complement its previous introduction of IDRs on the long-term scale.
The ACT has reinforced a view to the DTI , previously expressed to the EU Commission, in which we welcomed proposals to widen the practical availability of shareholder rights while seeking to ensure that the practical efficacy and relatively low cost of the approach in the UK was not undermined. Our position is that any directive should concentrate on removal of barriers to exercise of shareholder rights, rather than prescriptive rules as to how they are to be exercised.
This document requests comment on Moody’s proposal to introduce a new covenant research and assessment framework. Moody’s proposes to implement a more systematic approach to the analysis of indenture covenants and also to provide specific commentary on the relative protection such covenants provide.
Easy on the trigger Moody's proposals for ratings transitions for investment grade issuers subject to event risk have provoked a storm in the treasurer community.
Member States are required to finalise legislation to give effect to the Markets in Financial Instruments Directive (MiFID)1 by 31 January 2007. The FSA (together with HM Treasury) have a programme for consulting on the necessary changes to UK legal and regulatory requirements. To assist in the formulation of proposals for implementation to be consulted on in the Reforming COB Regulation Consultation Paper scheduled for October 2006, this paper sets out our likely proposals for implementing the MiFID client categorisation provisions and opens discussion on the issues arising.
On 19 July 2006 the Law Commission published their recommendations in a report which was launched at an event held in the House of Lords and addressed by the Lord Chancellor.
The text of Stuart Bridge's speech at the launch, an executive summary and a press release are also available:
On Thursday 6 July 2006, the Association of Corporate Treasurers (ACT) signed an agreement with the International Association of CFOs and Corporate Treasurers (China) (IACCT (China)) at the IACCT (Chi
The following questionnaire is addressed to all market participants and its purpose is to enable CESR to gather information on the day-to-day application of the Credit Rating Agencies (CRAs) codes in practice. The deadline for comments will be 15 August and if specifically requested, respondents may be able to submit their responses on a confidential basis.
