Firewall between Credit Rating Agencies and their Affiliates

Firewall between credit rating agencies and affiliates strengthens separation, disclosure, and prohibition on shared rating scales.

CRAs must adopt and board-ratify a documented separation policy addressing shared infrastructure or personnel, measures to preserve independence of the credit rating process, and employee guidance to mitigate conflicts; disclose any common director or chief executive on the CRA website with monthly updates and archives; prohibit non-rating entities from using prescribed credit rating scales; maintain separate websites for CRA and non-rating entities; report compliance within one quarter of applicability and submit to half-yearly internal audit monitoring.