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The recommendations set out in this report covers as follows: Objectives of establishing supervisory colleges; Benefits; Format (Subjects of a supervisory college; Membership/Leadership; Meetings; Functions); and Confidentiality safeguards and use of information.

CRA colleges would be collaborative arrangements between supervisors that strive to promote information sharing, consultation, and cooperation in order to enhance risk assessment of internationally active CRAs and to support effective supervision of such CRAs. CRA colleges should be considered only for internationally active CRAs that have significant cross-border operations, have affiliates and/or branches located in multiple jurisdictions with CRA supervisory programs, and whose credit ratings are relied on by investors and other users of credit ratings in multiple jurisdictions.