10 September 2013
Trusteeship Council
New York
, United States of America
UNCTAD provided substantive support for the preparation of the Special Event of the General Assembly on "The Role of the Credit Rating Agencies in the International Financial System" that was held at UN Headquarters in New York on 10 September 2013. The special event was prepared in response to the request made by member states in GA resolution A/67/198.
The meeting was opened by the President of the 67th Session of the UN General Assembly, Vuk Jeremiæ, whose opening statement was followed by the UN Under Secretary General Wu Hongbo speaking on behalf of UN Secretary General Mr. Ban Ki-moon who had planned to speak at the special event.
The meeting examined the issues and current challenges surrounding the functioning of credit rating agencies and the complications of dealing with sovereign ratings versus private sector participants which are required to comply with regular reporting requirements. The importance of risk management for sovereigns interested in issuing sovereign bonds was underlined. The discussion also examined policies and proposals for solutions that examined what has been done thus far in terms of regulatory changes and the advantages and disadvantages of the policy proposals that have been advanced thus far to address the current challenges.
For more information
All meeting materials are available online http://www.un.org/en/ga/president/67/.
