Brussels set to clamp down on ratings agencies

The European Commission put forward a proposal on the 12 November 2008 for a Regulation on credit rating agencies. This proposal is part of a package of proposals to deal with the financial crisis and adds to Commission's proposals on Solvency II, Capital Requirements Directive, Deposit Guarantee Schemes and accounting. The new rules are designed to ensure high quality credit ratings which are not tainted by the conflicts of interest, which are inherent to the ratings business.

European Commission: Press Release: IP/08/1684: Commission adopts proposal to regulate credit rating agencies http://europa.eu/rapid/pressReleasesAction.do?reference=IP/08/1684&format=PDF&aged=0&language=EN&guiLanguage=en

ESO: Background information: Brussels outlines ratings agencies plan http://www.europeansources.info/record/brussels-outlines-ratings-agencies-plan/

Deutsche Welle, 13.11.08: EU Aims to Get Tough on Credit Rating Agencies http://www.dw-world.de/dw/article/0,2144,3787236,00.html

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

BBC News, 12.11.08: EU gets tough on credit agencies http://news.bbc.co.uk/1/hi/business/7723474.stm

EurActiv, 13.11.08: Brussels cracks down on rating agencies http://www.euractiv.com/euro-finance/brussels-cracks-rating-agencies-news-220857

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