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21 March 2011

EP demands more accountability for credit rating agencies


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Das Europäische Parlament stimmte dem nichtlegislativen Bericht zu Ratingagenturen des deutschen liberalen Europaabgeordneten Wolf Klinz zu, dass Maßnahmen und Initiativen unterstützt, die die Marktteilnehmer mehr in die Risikoanalyse mit einbezieht und ihre übermäßige Abhängigkeit von Ratings senkt.


The report demands agencies be “exposed to civil liability in cases of gross negligence” and calls for the establishment of European Credit Rating Foundation (ECRF) to “foster competition in the quasi-oligopolistic industry structure where three globally active firms dominate the market." The report proposes funding the ECRF with a one-off lump-sum payment to the foundation to ensure independence. Following the initial allocation, the ECRF would be fully self-reliant and finance itself in the market from rating fees.

Draft report 



© European Parliament


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