Thematic Review on FSB Principles of Reducing Reliance on CRA Ratings: Peer Review Report

At the St Petersburg G20 Summit, and subsequent meetings, the G20 has called on national authorities to accelerate progress in reducing mechanistic reliance on credit rating agency (CRA)ratings in accordance with the FSB roadmap agreed in October 2012 (the Roadmap). To accelerate progress, the FSB undertook a thematic peer review to assist national authorities in fulfilling their commitments under the Roadmap. The review was structured in two stages: the first stage, published in August 2013, comprised of a structured stock-taking of references to CRA ratings in national laws and regulations, and the second and final stage – described in this report – focused on the action plans developed by national authorities to implement the Roadmap.