EU Passes Rule Targeting Ratings Agencies' Failures

Law360, New York (April 23, 2009, 12:00 AM EDT) -- The European Council and Parliament on Thursday approved new credit rating agency regulations aimed at eliminating conflicts of interest and ensuring high-quality ratings, less than six months after receiving the proposed changes from the European Commission in response to the global financial crisis.

European legislators voted overwhelmingly in favor of the regulations, with 569 supporting the move to allow the EU to supervise credit rating agencies by creating a registration procedure for them. Only 47 lawmakers opposed the stricter rules for the agencies, whose ratings are...
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