EC pushing for rating agency regulation

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The European Commission (EC) has outlined a formal proposal to regulate credit rating agencies, which it hopes will improve the quality of ratings, restore investor confidence and reduce conflicts of interest "inherent to the ratings business".

Rating agencies have come under attack from all sides during the past 18 months. In particular, they have been criticised for assigning AAA ratings to subprime mortgage-backed securities and collateralised debt obligations with subprime exposure -

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