Credit rating agency regulation: comprehensive operational, disclosure and governance requirements to standardize ratings and ensure transparency. The Master Circular consolidates procedural and operational requirements for CRAs including online registration, prior approval for change in control, transfer and surrender mechanics, and obligations during suspension or cancellation. It standardizes rating scales (including an EL scale), mandates detailed operations manuals, rating criteria, committee governance, and recordkeeping. Surveillance obligations include monthly No Default Statements and event based reviews; standardized press releases must disclose analytical approach, liquidity and rating sensitivities. Enhanced transparency requires PD benchmarks, periodic default and transition disclosures, machine readable reporting, half yearly internal audits with specified scope, and rules on conflict management, outsourcing and firewalls.
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Credit rating agency regulation: comprehensive operational, disclosure and governance requirements to standardize ratings and ensure transparency.
The Master Circular consolidates procedural and operational requirements for CRAs including online registration, prior approval for change in control, transfer and surrender mechanics, and obligations during suspension or cancellation. It standardizes rating scales (including an EL scale), mandates detailed operations manuals, rating criteria, committee governance, and recordkeeping. Surveillance obligations include monthly No Default Statements and event based reviews; standardized press releases must disclose analytical approach, liquidity and rating sensitivities. Enhanced transparency requires PD benchmarks, periodic default and transition disclosures, machine readable reporting, half yearly internal audits with specified scope, and rules on conflict management, outsourcing and firewalls.
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