The Central Bank proposed to tighten the regulation of the work of rating agencies

The Central Bank proposed to tighten the regulation of the rating industry, including issuing instructions to credit rating agencies (CRA) to withdraw or revise ratings, as well as to prohibit their assignment. About it says in the draft order published on the federal portal of draft regulatory legal acts.

According to the document, the expanded powers of the Central Bank may come into force on December 20.

How explained the representative of the Central Bank in a conversation with Kommersant, the requirement to withdraw or revise the rating will be applied if it was assigned in violation of the requirements of the law, and the ban on assignment – in case of failure to comply with the Central Bank’s instructions to eliminate violations, to revoke or revise the rating within the prescribed period.

The Central Bank noted that these measures will help increase the responsibility of agencies for the quality of ratings. According to the interviewed experts, the new powers of the Central Bank are aimed at eliminating cases of unfair competition, when the ratings are inflated in the struggle for KRA clients. Nikolai Titov, co-founder of ATLegal, cited as an example the fact that an analyst has pension savings in an NPF, in respect of which a rating is being assigned, “if it can influence the work of the fund.”