EU Proposes New Rules For Credit Rating Agencies

Law360, New York (November 12, 2008, 12:00 AM EST) -- As part of its response to the financial crisis, the European Commission has proposed new credit rating agency regulations that seek to eliminate conflicts of interest and ensure high-quality credit ratings.

“I want Europe to adopt a leading role in this area. Our proposal goes further than the rules which apply in other jurisdictions,” Internal Market and Services Commissioner Charlie McCreevy said on Wednesday. “These very exacting rules are necessary to restore the confidence of the market in the ratings business in the European Union.”...
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