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04 August 2009
On June 22 2009 the chairman of the Capital Market and Financial Institution Supervisory Agency announced the issuance of the long-awaited rules and regulations on securities rating agencies. The five regulations are:
The chairman stated that the purpose of the regulations is to provide investors with professional and high-quality securities rating agencies that conduct their business transparently and accountably. For example, Regulation VC2 requires a securities rating agency's directors, commissioners and analysts to meet standards of integrity, competence and expertise. Regulations VH3, VH4 and VF4 introduce new provisions on a rating agency's professional conduct and on the public's ability to question whether an agency's rating meets the required standards.
The regulations came into force on June 22 2009.
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