(8)Credit rating agencies should, on a voluntary basis, apply the Code of Conduct Fundamentals for credit rating agencies issued by the International Organisation of Securities Commissions (IOSCO Code). In 2006, a Communication from the Commission on credit rating agencies 11 invited the Committee of European Securities Regulators (CESR), re-established by Commission Decision 2009/77/EC 12 , to monitor compliance with the IOSCO Code and report back to the Commission on an annual basis.