Legal Nature and the Principles Governing the Operation of Credit Rating Agencies in the Iranian Capital Market with the Emphasis on the IOSCO’s Code of Conduct
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Article Type:
Research/Original Article (دارای رتبه معتبر)
Abstract:
Today in capital markets, access to precise and up-to-date information is one of the main obsessions of investors and creating information asymmetry between issuers and investors ensures efficiency and trust to these markets and relieve the mentioned obsession; Credit rating agencies, as one type of financial institutions, play an influential role as well with financially serving the investors with information. To that end, these agencies embark upon the task of assessing the default risk of issuers in fulfilling their financial obligations that to best meet those obligations, they are required to conform to a set of principles. The IOSCO Organization as an international authority composed of capital markets’ supervisory bodies, has provided them with a Code of Conduct representing the earlier mentioned principles. In this paper, it’s been tried to analyze the compliance proportion of the Regulation on Establishment and Operation of Credit Rating Agencies (Passed in 2015 by the Board of Directors of the Securities and Exchange Organization) with the IOSCO’s Code of Conduct as well as examining the legal nature of Credit Rating Agencies in Iran that it altogether this paper concluded that the main issues, which were regarded important from the viewpoint of the IOSCO’s Code of Conduct, have been incorporated and implemented in the mentioned Iranian Regulation.
Language:
Persian
Published:
Journal of Securities Exchange, Volume:11 Issue: 42, 2018
Pages:
52 to 74
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