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The conflicts of interest of the Credit Rating Agencies (CRAs) - The Credit Ratings Game

 

The Credit Ratings Game by Patrick Bolton; Xavier Freixas; and Joel Shapiro, January 2009

EU moves forward on credit ratings regulator

Credit rating agencies face being regulated in Europe by a single body after proposed ground-breaking legislation was given the go-ahead by a key parliamentary committee in Strasbourg.

The legislation, which will give new powers to the Paris-based Committee of European Securities Regulators (CESR), is now set to be put to European lawmakers next month, ensuring a vote is completed ahead of elections in the summer. The legislation would also need backing from member states, which may still raise objections.

EU nations agree clampdown on ratings agencies: diplomats

EU governments on Wednesday reached an agreement to clamp down on credit rating agencies, foreseeing fines and bans if they flout the rules, diplomats said.

"There is an initial agreement" among ambassadors for EU governments, one diplomat said on condition of anonymity. The agreed text now has to go before the European Parliament, where it is likely to pass easily.

"The main development is that rating agencies will be regulated in Europe, which is not currently the case," another diplomat said.

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