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19 February 2009

Gauzès: Regulation on Credit Rating Agencies falls short of expectations


EP rapporteur Jean-Paul Gauzès is concerned by the way the Czech Presidency is leading the dossier criticizing that the text as it stands falls short of expectations, given what is at stake with this topic.

European Parliaments rapporteur on the Credit Rating Agencies Directive Jean-Paul Gauzès is concerned by the way the Czech Presidency is leading the dossier criticizing that the text as it stands falls short of expectations, given what is at stake with this topic.

 

"Not being able to complete a satisfying regulation on Credit Rating Agencies would be politically truly irresponsible”, Gauzes said. “We need to draw the lessons from the current financial crisis and enact measures that are efficient and realistic, particularly with regards supervision. "

 

Gauzès insists that the scope of this regulation should be as broad as possible. It should not only affect ratings issued for regulatory purposes. It must affect all types of ratings and ensure a high quality of ratings through the controls introduced, he says in his press release.

 

The nearly 400 amendments made to the dossier will be debated in EP on 9 March in Strasbourg.

 

The amendments did not call into question the essential points from the Rapporteur's proposal, in particular regarding the role of CESR as European authority in charge of the registration and the supervising of the agencies.

 

Regarding products produced outside the EU or entities which do not have their seat in the EU, it should be possible to use ratings coming from agencies that are not subject to European regulation, if the agencies are regulated in an equivalent way and if the Europe-based authorised agency takes responsibility for it.

 

Press release

 



© European Parliament


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