Memo: Statement by Commissioner Michel Barnier following the vote in the European Parliament on new European rules to regulate credit rating agencies

The European Parliament agreed in January 2013 on additional rules for credit rating agencies (CRAs) which will considerably improve the quality of ratings. Credit rating agencies will have to be more transparent when rating sovereign states and will have to follow stricter rules which will make them more accountable for mistakes in case of negligence or intent.

The new rules will contribute to increased competition in the rating industry dominated by a few market players. Furthermore, the new rules will reduce the over-reliance on ratings by financial market participants, eradicate conflicts of interest and establish a civil liability regime. This matters because ratings have a direct impact on the financial markets and the wider economy and thus on the prosperity of European citizens.

European Commission: MEMO/13/13: New rules on credit rating agencies (CRAs) – frequently asked questions http://europa.eu/rapid/press-release_MEMO-13-13_en.htm

La Vanguardia / De Standaard, 17.01.13: European Parliament tightens the screws (via PressEurop) http://www.presseurop.eu/en/content/news-brief/3283321-european-parliament-tightens-screws?xtor=RSS-9

EurActiv, 17.01.13: Parliament backs rules to restrain rating agencies http://www.euractiv.com/euro-finance/parliament-backs-rules-restrain-news-517102

European Parliament: Press Release, 16.01.13: Tougher credit rating rules confirmed by Parliament's vote http://www.europarl.europa.eu/news/en/pressroom/content/20130114IPR05310/

ESO: Background information: Statement by Commissioner Michel Barnier following the agreement in trilogue of new European rules to regulate credit rating agencies http://www.europeansources.info/record/memo-statement-by-commissioner-michel-barnier-following-the-agreement-in-trilogue-of-new-european-rules-to-regulate-credit-rating-agencies/

European Commission: DG Internal Market and Services: Securities: Rating Agencies http://ec.europa.eu/internal_market/securities/agencies/index_en.htm

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