McCreevy plots rating agency shake-up as EC releases consultation papers
Two new consultation papers aim to tackle supervision of credit rating agencies across Europe and address the financial industry's supposedly excessive reliance on ratings
The European Commission has published two consultation documents on credit rating agencies. The first relates to the conditions for the authorisation, operation and supervision of rating agencies. The second proposes policy options to tackle what is felt to be an excessive reliance on ratings in EU legislation.
Commissioner Charlie McCreevy said: "I have been listening to many advisory bodies to the Commission and watching developments in the industry and in other jurisdictions for the last year
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