G-20 Should End Reliance On Credit Ratings, Board Says

Law360, New York (October 20, 2010, 12:59 PM ET) -- The international Financial Stability Board recommended Wednesday that the world’s 20 leading economies reduce financial institutions’ reliance on the ratings of credit rating agencies, as part of the board’s broader efforts to improve global financial regulation.

In a statement released following a meeting Tuesday on key elements of financial reforms ahead of the upcoming G-20 summit in Seoul, South Korea, the board unveiled five principles to slash reliance on CRA ratings.

The principles cover five types of financial market activity, according to the board: prudential supervision...
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