The Banking Regulation and Supervision Agency (BDDK) has completed a draft study for the establishment of a credit rating agency in Turkey.
According to the draft prepared for the entity, which will grade the institutions in Turkey just like the international credit rating agencies Fitch, Moody's and Standard and Poor's, banks may be partners in the rating agency, and the ratings will be updated at least once a year, according to a report in the Hürriyet newspaper.
The fact that the banks are partners in the establishment will not be a problem in terms of independence. The ratings given by the institution will be used by the banks. Thus, each bank will not have to give a separate rating. The institution will take over while the companies receive credit.
A study is underway in the Banks Association to establish a rating agency. With the draft making amendments to the Regulation on Principles Regarding the Authorization and Activities of Rating Agencies prepared by the BDDK, banks may have a partnership of up to 10 percent in the rating agency to be established.
In the 14th article of the current regulation, the conditions for the partners of the rating agency to be authorized are regulated. This clause is amended in the draft and the statement "not to engage in any commercial activity other than the rating activity and other activities allowed to be carried out in the regulation, excluding the legal entities that have a direct or indirect share of 10 percent or less."
The current regulation's eighth article entitled "Independence" is being regulated in the draft. Accordingly, the shareholders of the rating agency, the chairman and the board members will be obliged to avoid any conflict of interest that may arise during the course of the studies, not allow any intervention that could affect their honesty and impartiality and disclose the views they have reached as a result of the rating activity without considering their own or others' direct or indirect interests. The items regarding the independence in the draft were also added the statement "excluding the legal entities that have a direct or indirect share of 10 percent or less."
According to the draft, in cases such as a significant change in financial or non-financial conditions, developments will be constantly monitored, and ratings will be updated.
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