Governance norms for credit rating agencies: prohibit MD/CEO on rating committees, require CRO reporting and stronger board independence. CRAs must separate management from rating decisions: MD/CEO shall not be members of rating committees; rating committees report to a Chief Ratings Officer (CRO), who reports to the board's Ratings Sub-Committee. Boards must meet specified independent director composition and constitute a Ratings Sub-Committee and a Nomination and Remuneration Committee chaired by an independent director. CRAs must record issuer meeting minutes in rating committee notes and annually meet rated entities' audit committees to discuss related party transactions, internal financial controls, and material disclosures affecting listed NCDs.
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Provisions expressly mentioned in the judgment/order text.
Governance norms for credit rating agencies: prohibit MD/CEO on rating committees, require CRO reporting and stronger board independence.
CRAs must separate management from rating decisions: MD/CEO shall not be members of rating committees; rating committees report to a Chief Ratings Officer (CRO), who reports to the board's Ratings Sub-Committee. Boards must meet specified independent director composition and constitute a Ratings Sub-Committee and a Nomination and Remuneration Committee chaired by an independent director. CRAs must record issuer meeting minutes in rating committee notes and annually meet rated entities' audit committees to discuss related party transactions, internal financial controls, and material disclosures affecting listed NCDs.
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