European Regulator Allows Use Of US Ratings Agencies

Law360, New York (March 15, 2012, 1:41 PM EDT) -- Europe's top securities watchdog on Thursday said that companies in the 27-member European Union could still rely on U.S. credit ratings agencies, even as plans to strip the ratings agencies of some power in the wake of the financial crisis move ahead.

The European Securities and Markets Authority said that European companies could continue to use ratings provided by U.S.-based agencies, including banks which currently use them to calculate required capital reserves. ESMA also allowed companies to use ratings from agencies registered in Canada, Hong Kong...
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