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FOR IMMEDIATE RELEASE
June 15, 2009
Contact: Kevin M. Mukri
Joint Forum Final Release of Paper, Stocktaking on the use of credit ratings
WASHINGTON — Comptroller of the Currency John C. Dugan said that a paper released today provides valuable information on the use of credit ratings. The Joint Forum, which he chairs, released the paper, Stocktaking on the use of credit ratings . The paper had already been released to the Financial Stability Board (FSB) in December 2008 as part of the process associated with the G7 – Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience .
"This paper provides valuable information on the regulatory use of credit ratings by a broad range of regulatory authorities, including banking, securities, and insurance supervisors across 12 countries," Mr. Dugan said. "Policymakers and others will find the report a useful reference when considering the extent to which credit ratings should be relied on in regulation and supervision going forward."
This paper was developed in response to a request from the FSB for the Joint Forum to conduct a stocktaking of the uses of external credit ratings by its member regulatory authorities in the banking, securities and insurance sectors. The Joint Forum prepared and circulated to member authorities a questionnaire on the use of credit ratings in their jurisdictions. The questionnaire was designed to elicit information regarding member authorities' use of credit ratings in legislation (statutes), regulations (rules), and/or supervisory policies (guidance) governing, generated by, or affecting such authorities. This report focuses on the responses concerning the usage of credit ratings. It also describes respondents' assessments regarding the impact of their use of credit ratings.
The Joint Forum was established in 1996 under the aegis of the Basel Committee on Banking Supervision, IOSCO, and the IAIS to deal with issues common to the banking, securities, and insurance sectors, including the supervision of financial conglomerates. Comptroller of the Currency John C. Dugan has been Chairman since September 2007.
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