EC Calls For Regulation Of Credit Rating Agencies

Law360, New York (June 17, 2008, 12:00 AM EDT) -- A European Union commissioner has called for increased regulation of credit rating agencies in light of last summer's credit crunch.

In a speech on Monday before the Inaugural Global Financial Services Centre Conference in Dublin, Ireland, European Commissioner for Internal Market and Services Charlie McCreevy said that the code of conduct governing the credit ratings agencies, drafted by the International Organization of Securities Commissions, is a “toothless wonder.”

“The fact is that despite the checks on compliance with the IOSCO Code, no supervisor appears to have...
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