PwC's Managing upstream risk: Regulatory reform review - An asian perspective August 2013 | Page 22

• The establishment and operation of rating models and methodologies, internal controls, procedures to manage conflicts of interest, and procedures for handling material non-public information. The role of the CRA college would be to create a mechanism for sharing and discussing this type of information with the goal of promoting a better understanding of the risks faced or posed by an internationally active CRA and how relevant

2.10 OTC Derivatives
Update

2.9 Credit Rating Agencies
Update
IOSCO on 30 July 2013 published its final report “Supervisory Colleges for Credit Rating Agencies”, recommending establishing supervisory colleges for internationally active CRAs and providing preliminary guidelines on how to constitute and operate them. The recommendations are aimed at improving the integrity of CRAs and ultimately enhance the effectiveness of supervisors’ risk assessment and oversight of internationally active CRAs by facilitating information exchange and cooperation among them. IOSCO defines a supervisory college as a collaborative arrangement between supervisors that seek to promote information sharing, consultation, and cooperation in order to enhance risk assessment of internationally active CRAs and to support effective supervision of such CRAs. Such information that may be shared includes inspection or examination of findings with respect to: • CRA’s compliance with local or regional laws and regulations; • The CRA’s implementation and adherence to the IOSCO Code of Conduct for CRAs;

CPSS and IOSCO jointly published a report on 12 August 2013 “Authorities’ access to trade repository data”, providing guidance to TRs and authorities on the principles that should guide authorities’ access to data held in TRs for typical and non-typical data requests. The report describes the expected data access needs of authorities using a functional approach complemented by an illustrative data access mapping that aligns each function to the minimum level of access authorities would typically require in support of their mandates and responsibilities. The report also sets out possible approaches to addressing procedural and legal constraints to data access as well as confidentiality concerns. Authorities and TRs are encouraged to develop and maintain access policies and arrangements informed by the guidance and mapping outlined in the report, summarised as follows: • Market regulators, central banks, prudential supervisors and resolution authorities must have effective and practical access to the data collected by trade repositories that they require to carry out their respective regulatory mandates. Access to trade repository information by official international FIs also should be permitted in appropriate form where consistent with their mandates;

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Regulatory Reform Review | Banking