GCR publishes its updated Code of Professional Conduct
Johannesburg, 29 March 2018—Global Credit Ratings (“GCR”) has published its updated Code of Professional Conduct (the “GCR COPC”, also referred to elsewhere as the “GCR Code“).
The GCR COPC contains the policies, procedures, and guidelines utilised to ensure that the company and its employees conduct business with objectivity, integrity, and transparency. The GCR COPC is a key component of the agency’s Code of Ethics, and reflects the IOSCO Principals for Credit Rating Agencies.
The GCR COPC is an update to the version published previously, and is available at www.globalratings.net.
Updates were applied to the GCR COPC in order to:
Provide for the newly implemented personal trading policy which GCR key and related employees have ascribed to;
The sections of the GCR COPC most prominently impacted by the updates are:
Section 6.1: Personal Account Trading
The layout and structure of the GCR COPC remains largely aligned with the previous version.
CREDIT RATINGS ISSUED AND RESEARCH PUBLICATIONS PUBLISHED BY GCR, ARE GCR’S OPINIONS, AS AT THE DATE OF ISSUE OR PUBLICATION THEREOF, OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. GCR DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL AND/OR FINANCIAL OBLIGATIONS AS THEY BECOME DUE. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: FRAUD, MARKET LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND GCR’S OPINIONS INCLUDED IN GCR’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND GCR’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND GCR’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL OR HOLD PARTICULAR SECURITIES. NEITHER GCR’S CREDIT RATINGS, NOR ITS PUBLICATIONS, COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. GCR ISSUES ITS CREDIT RATINGS AND PUBLISHES GCR’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING OR SALE.
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