EU Parliament OKs Limiting Credit Rating Agencies' Clout

Law360, New York (January 16, 2013, 7:34 PM EST) -- The European Parliament on Wednesday approved new restrictions to credit ratings agencies designed to limit when they can issue sovereign debt ratings and to boost competition in the market with a proposed independent European rating agency.

Under the new rules, unsolicited sovereign ratings can only be published up to three times a year, and can only be released after European Union markets have closed, according to a statement Wednesday by the European Union. The new rules will also offer a roadmap to build a European credit...
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