Credit rating agencies must adopt a harmonised industry classification for ratings, benchmarking and research from Oct 1, 2022. Credit rating agencies must apply the harmonised four level industry classification framework for rating exercises, peer benchmarking and research, with mandatory applicability from October 1, 2022; agencies may submit feedback before that date while exchanges may recalibrate the framework where feasible, and the requirement is issued under statutory regulatory authority to protect investor interests and promote market development.