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EC to regulate credit rating agencies

The European Commission’s consultation on credit rating agencies ended last month and by the end of October the EC will table proposals to regulate them.

The urgency, the European Mortgage Federation has explained, is because that is the last date by which it will be possible to get the proposals approved by the Council of Ministers before parliament breaks for elections in June 2009.

According to the EC, the credit rating agencies “share responsibility for the current market turmoil”, and in the section dealing with authorisation, operation and supervision, it argues that self-regulation under the International Organisation of Securities Commissions code has not worked.

It proposes that either the role of the Committee of European Securities Regulators should be reinforced to oversee this or that a new agency should be created to do so.

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