Regulatory Alerts2023-01-01 | JPRF-V-2023-078Resolution JPRF-V-2023-078: Reform to the Standard on Credit Rating Agencies in the Securities Sector
The Financial Policy and Regulation Board of Ecuador issued Resolution JPRF-V-2023-078 to reform regulations governing credit rating agencies, aligning them with international IOSCO standards and harmonizing them with financial and insurance sector requirements. The resolution updates authorization procedures, mandates specific documentation for registration, and establishes strict criteria for the composition and operation of rating committees to ensure independence and objectivity. It further introduces enhanced transparency obligations, including public disclosure of financials and methodologies, while defining suspension and cancellation protocols for non-compliant agencies.
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