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Following publication of the CRA Principles, IOSCO decided to develop a more specific and detailed code of conduct giving guidance on how the Principles could be implemented in practice. This Code of Conduct Fundamentals for Credit Rating Agencies is the fruition of this exercise.

Structurally, the Code Fundamentals are broken into three sections and draw upon the organization and substance of the Principles themselves:

- The Quality and Integrity of the Rating Process;

- CRA Independence and the Avoidance of Conflicts of Interest; and,

- CRA Responsibilities to the Investing Public and Issuers.