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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Conduct of Business Module (COB) [VER33/07-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

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  • COB 8.2 Additional Principles for Credit Rating Agencies

    • COB 8.2 Guidance

      Credit Rating AgenciesG are required to comply with, in addition to the Principles in sections GEN 4.1 and GEN 4.2, three further Principles set out in this section.

      [Added] DFSA RM97/2012 (Made 24th July 2012) [VER20/07-12]

    • Principle 1 – Quality and integrity

      • COB 8.2.1

        A Credit Rating AgencyG must take all reasonable steps to ensure that its Credit RatingsG are well founded and are based on a fair and thorough analysis of all relevant information which is reasonably known or available to the Credit Rating AgencyG .

        [Added] DFSA RM97/2012 (Made 24th July 2012) [VER20/07-12]

    • Principle 2 – Independence and conflicts of interest

      • COB 8.2.2

        A Credit Rating AgencyG must take all reasonable steps to ensure that its decisions relating to Credit RatingsG are independent and free from political or economic pressures and not affected by conflicts of interest arising due to its ownership structure or business or other activities or conflicts of interest of its EmployeesG .

        [Added] DFSA RM97/2012 (Made 24th July 2012) [VER20/07-12]

    • Principle 3 – Transparency and disclosure

      • COB 8.2.3

        A Credit Rating AgencyG must take all reasonable steps to ensure that it conducts its Credit Rating ActivitiesG in a transparent and responsible manner.

        [Added] DFSA RM97/2012 (Made 24th July 2012) [VER20/07-12]

        • COB 8.2.3 Guidance

          Acting in a responsible manner means that a Credit Rating AgencyG undertakes the level of due diligence and care expected of an entity undertaking similar business in conducting its Credit Rating ActivitiesG . What is reasonable would depend on the nature, scale and complexity of its operations, including models and methodologies it has adopted in order to formulate Credit RatingsG .

          [Added] DFSA RM97/2012 (Made 24th July 2012) [VER20/07-12]