EU Proposes New Rules To Rein In Credit Rating Agencies

Law360, New York (May 21, 2012, 4:53 PM EDT) -- European Union representatives agreed Monday to push new rules curbing the power of credit rating agencies that have downgraded the ratings of European countries whose economies have been hit hard by the EU’s financial crisis.

The EU’s Permanent Representatives Committee has decided on a proposal that will be introduced for negotiations in the European Parliament, targeting for reform the large credit rating agencies that EU officials say have made mistakes or who have shown bad timing in lowering countries’ credit ratings and have increased market volatility....
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