The G20 High-Level Seminar on "Benchmarks and Credit Rating Agencies" was started on June 4, 2013 in St.Petersburg. This event is organized within the framework of G20 Finance Ministers' and Central Bank Governors' Deputies Meeting, which will be held on June 6-7, 2013.
The representatives from the relevant international organizations reported on implementation of FSB's Principles and application of IOSCO's Code of Conduct and on current work of these organizations and their role in benchmarks reforms. 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 delegates from Russia proposed to continue working on global regulatory coordination of CRAs within G20.