The G20 High-Level Seminar on “Benchmarks and Credit Rating Agencies” was held in St.Petersburg
The G20 High-Level Seminar on "Benchmarks and Credit Rating Agencies" was held on June 4-5, 2013 in St.Petersburg. This event was organized within the framework of G20 Finance Ministers' and Central Bank Governors' Deputies Meeting, which will be held on June 6-7, 2013.
The first day of the Seminar was devoted to Benchmarks reform. Representatives from FSB and IOSCO reported on current work of these organizations and their role in benchmarks reforms. The participants discussed, which level of oversight of benchmarks production is appropriate, how to ensure smooth and orderly transition from existing benchmarks to the new ones.
The second day of the Seminar was devoted to Credit Ratings. Topics for discussion were: how to end mechanistic reliance on CRA ratings, to foster the development and use of market participants' own risk assessments as well as to address the transparency issue, the conflict of interests and competition issues.
The representatives from the relevant international organizations reported on implementation of FSB's Principles and application of IOSCO's Code of Conduct. The executive from European Commission spoke about the EU perspective on the CRA market reforms and recent European regulatory initiatives to address the conflict of interests and competition issues. The participants of the Seminar exchanged views on the necessity of further coordinating their efforts in this field. The delegates from Russia proposed to continue working on global regulatory coordination of CRAs within G20.