The peak international body for securities commissions has called for consistent international standards in the regulation of credit ratings agencies.

The International Organisation of Securities Commissions (IOSCO) technical committee last week announced a set of measures it says can address recent failures in the market for structured finance products.

Central to the measures is a consistent global regulatory approach to improve international monitoring of credit ratings agencies.

IOSCO’s task force on ratings agencies proposes national regulators co-ordinate monitoring efforts in line with the IOSCO code of conduct, which it claims provides a “regulatory consensus”.

The task force will also examine the establishment of a common monitoring system for ratings agencies in line with the code and is expected to outline terms and conditions by January next year.

The task force will also conduct a review of how agencies adopt the code.

IOSCO claims that “events in the last 12 months have clearly shown the need for greater interaction between credit ratings agencies and regulators”.

The organisation also proposes an international monitoring body be established to promote dialogue with ratings agencies and lift regulatory standards.