The purpose of the report was to evaluate, in light of the 2003 IOSCO Principles Regarding the Activities of Credit Rating Agencies, several of the recent regulatory initiatives that impact or will shortly impact credit rating agencies whose ratings are used for regulatory purposes in multiple jurisdictions. The evaluation was to focus on whether, and if so how, these regulatory programs implement the four IOSCO principles address: quality and integrity in the rating process; independence and conflicts of interest; transparency and timeliness of ratings disclosure; and confidential information.