Law360, London (December 20, 2016, 8:28 PM GMT) -- The European Union's top financial regulators on Tuesday instructed national watchdogs to cut financial firms' dependency on credit ratings agencies in favor of more independent alternatives.
The European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority set out standards for national regulators of clearinghouses, hedge funds and others. The regulators want to lead investors away from agencies that are paid to judge firms' financial health, amid fears about conflicts of interest.
"Credit ratings are part of the financial culture. However, where credit ratings are most embedded in the decision-making process, they are also...
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