Dominion Bond Rating Service is publicly supporting the oversight framework that the Committee of European Securities Regulators has developed to govern the credit rating agencies.

DBRS says it believes that any oversight approach must achieve a level of transparency that maintains the confidence of CESR members in the CRA industry. And, it says that it believes that the three-part voluntary framework as proposed by CESR will achieve that transparency.

The framework requires: an annual letter from each CRA, to be made public, relating to compliance with and deviations from the IOSCO Code; an annual meeting between CESR and the CRA to discuss any issues related to the implementation of the IOSCO Code; and, explanation to the local CESR member of any substantial incident that may occur with an issuer.