EU calls for review of credit rating agencies

The European Commission has called for a review by the Committee of European Securities Regulators (CESR) of credit rating agencies, amid renewed activity on both sides of the Atlantic on the credit rating agency regulatory debate. Also, according to rating agency executives, the US Securities and Exchange Commission is preparing its own proposal for credit rating regulation in that country.

Credit rating agencies have come in for as much criticism over the past three years as audits firms and banks from corporate scandals such as Enron, Parmalat and Worldcom.

In addition, more focus is being placed on just how credit rating agencies achieve their ratings because these ratings form the basis of the standardised approach to credit risk under the new Basel II framework.

Both the SEC and EU officials have been exploring the role of credit agencies since 2003.

The European Parliament

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