3Technical Comm. , Int'l Org. of Sec. Comm'ns, Code of Conduct Fundamentals for Credit Rating Agencies (2004), available at http://www. iosco, org/library/pubdocs/pdf/IOSCOPD180, pdf [ hereinafter IOSCO, Code of Conduct].
5See Letter from Yasuhiro Harada, Chairman and Co-Chief Executive Officer, Rating and Investment Information, Inc. , to Jorgen Hoimquist, Dir. Gen. , Internal Mkt. and Servs. , European Comm'n 4 (Sept. 5, 2008 ), http ://circa. europa, eu/Public/irc/markt/markt_cnnsulta- tions/library? 1 =/fintmcial_services/credit_agencies/citizens/ri_japanpdf/,EN_l. 0_ &a = d, 2008 - 09 - 05/2010 - 10 - 11.
617 C. F.R.§§ 240.17g - 2 (d) ( 3 ) ( i ) ( B ). ( requiring disclosure of all obligor paid ratings twelve months after rating release and disclo- sure of non-obligor paid ratings twenty-four months after rating release).
7Council Regulation 1060/2009, annex I, § B (4). 2009 O.J. (L302) 1 -31 (EC).
9Centre for European Policy Studies, Report of the CEPS-ECMI Joint Workshop on "The Reform of Credit Rating Agencies" 3 (2008). http :// www. eurecapitalmarkets, otlg/files/Repert_CRAMeetin g_lgNov08%20FinallI, pdf.
10See Letter from Michel Madelain, Chief Operating Officer, Moody's Investors Serv. , to Mafia Valentza, Head of the Sec. Unit, DG MARKT 2 -6 (Sept. 5,2008 ), available at http //circa. europa, eu/Public/irc/markt/markt_consu ltations/library9 1 =/financial_services/credit_ agencies/cit izens/moodyspdf/_EN_l. 0_&a = d.
