Recent Improvements In The Current Regulatory Framework For Credit Rating Agencies

The Communiqué Serial VIII No. 51 on the Principles of Credit Rating Activities and Credit Rating Agencies in the Capital Markets has been amended with effect from 29 August 2013.

Overview

In line with the recent amendments to the Regulation (EC) No 1060/2009 on credit rating agencies introduced by the Regulation (EU) No 462/2013, the Capital Markets Board of Turkey (the CMB) issued the Communiqué Serial VIII No. 76 amending the Communiqué Serial VIII No. 51 on the Principles of Credit Rating Activities and Credit Rating Agencies in the Capital Markets (the Communiqué Serial VIII No. 76) which, for the first time, lays down the principles relating to announcement of sovereign ratings. The Communiqué Serial VIII No. 7 particularly focuses on: (i) timing of sovereign rating announcements; (ii) research reports on sovereign ratings; and (iii) sovereign ratings' review periods.