Member Credit Rating Agencies shall put in place systems and procedures to ensure the following :

1. The proceedings of a credit rating board / rating committee, are kept confidential at all times, and not revealed to any external parties or agencies. If any records of the proceedings are made, credit rating agencies must take steps to keep such records properly safeguarded, except where required to be disclosed by the provisions of laws or regulations.
   
   
2. When the credit rating board decides on a rating, it shall be announced as a joint decision and the individual votes shall be kept confidential, even if recorded. This requirement of confidentiality shall apply to rating board members for their own votes as well.