The International Organization of Securities Commission (IOSCO) announced last week a three-point plan to monitor compliance of its new code of conduct for credit rating agencies (CRAs). This was done amid charges that its proposed plan will do little to restore market confidence in ratings.

In Europe, rating agencies self-monitor their activities and operate under a code of conduct. IOSCO suggested a new code that properly addressed issues related to the activities of these firms for structured finance products.

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