FSB to assess efforts to end ‘mechanistic reliance’ on credit ratings
The Financial Stability Board (FSB) today revealed plans to conduct a thematic peer review on the extent to which countries now comply with its Principles for Reducing Reliance on Credit Rating Agency Ratings.
The principles were published in October 2010, and aimed to reduce the use of credit ratings in standards, laws and regulations, which the FSB said had been wrongly interpreted as a "seal of approval". The principles also sought to reduce market reliance on ratings, through the
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