Compliance

MARA Rating Company operates under strict compliance and ethical standards, aligned with the practices of independent rating organisations. The rules below are red lines. They apply to every rating, every client, and every market.

We never predict or promise outcomes. A MARA Rating is a standardized opinion of market-access risk, calibrated against historical outcomes. It is not a forecast of any individual outcome, and no one at MARA may promise what any payer or HTA body will decide.

We never let anyone direct a rating. No single analyst determines an outcome; ratings are set by structured committee judgment. Issuers and clients may correct factual inaccuracies; they cannot alter analytical opinions. The same asset receives the same rating, whoever requests or pays for it.

We never rate on private information. Ratings are built exclusively on public, verifiable evidence. Material provided by an issuer or client is used only to correct factual errors — never as a substitute for public evidence and never to improve a grade. We do not solicit embargoed payer decisions or confidential HTA advice, and we do not trade in securities related to rated assets or their sponsors.

We never lobby or advocate. MARA keeps a strict line between independent assessment and advocacy: no lobbying of payers or HTA bodies, no participation in pricing negotiations, no attempts to change the outcomes we rate.

We never take contingent fees. Rating fees are fixed and are never contingent on the grade issued, on a transaction closing, or on any commercial outcome. Independence is our licence to operate.

We never give investment advice. A MARA Rating addresses the market-access risk of a medicine, not the merits of any security or transaction. It is one input to the user’s own judgment — not a recommendation to buy, sell, or proceed.

We never facilitate the exchange of competitively sensitive information. In multi-party situations, each party’s use of MARA output is kept confidential to that party, and market-sensitive data is handled in aggregate or anonymised form, consistent with competition law.

We respect professional boundaries. External experts are screened for conflicts of interest, cooling-off and revolving-door rules are respected, and legal counsel is consulted whenever a question of regulatory perimeter arises.