DBRS Ltd. has updated global business code of conduct to align with the revised code for credit rating agencies from the International Organization of Securities Commissions (IOSCO), which was finalized in March 2015, the Toronto-based credit rating agency announced on Monday.
The IOSCO code was revised in the wake of the financial crisis to address the role of the rating agencies during that episode. It aims to enhance investor protection, to bolster the fairness, efficiency and transparency of the securities markets, and to reduce systemic risk.
The revised DBRS code summarizes the policies, procedures and controls that the credit rating agency has adopted in order to “promote the objectivity and integrity of its ratings and the transparency of its operations,” DRBS says in a statement.
Among other things, the updated code of conduct addressees issues such as ratings independence, dealing with conflicts of interest, analyst and employee independence, disclosure, the handling of confidential information, governance, risk management, training, and the enforcement of the code.
In addition to updating its code to conform with the latest IOSCO code, DBRS notes that its revisions also reflect the latest changes to its own policies, procedures and business practices. DBRS also notes that it has also established policies and procedures designed to meet specific regulatory requirements in certain jurisdictions.