Registration and conduct rules for credit rating agencies standardized master circular; sets registration, rating processes, disclosures and audit obligations. Master Circular consolidates regulatory provisions for CRAs: online registration and prior approval for change in control; procedures for transfer, surrender, suspension and cancellation of registration; standardized rating scales including CE suffix and EL-based scale; mandatory operations manual, rating criteria, rating-process rules and rating committee governance; disclosure regime requiring standardized press releases, monthly No Default Statements, daily non-cooperative issuer lists and periodic PD and transition disclosures; and half-yearly internal audits, outsourcing safeguards and detailed conflict-of-interest controls.
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Registration and conduct rules for credit rating agencies standardized master circular; sets registration, rating processes, disclosures and audit obligations.
Master Circular consolidates regulatory provisions for CRAs: online registration and prior approval for change in control; procedures for transfer, surrender, suspension and cancellation of registration; standardized rating scales including CE suffix and EL-based scale; mandatory operations manual, rating criteria, rating-process rules and rating committee governance; disclosure regime requiring standardized press releases, monthly No Default Statements, daily non-cooperative issuer lists and periodic PD and transition disclosures; and half-yearly internal audits, outsourcing safeguards and detailed conflict-of-interest controls.
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