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The French Council Presidency has drawn up the compromise proposal on the Commission draft proposal on the regulation of Credit Rating Agencies.
The Presidency compromise proposal specifies modalities of co-operation between supervisors by introducing colleges of supervisors and gives a strong role to the college of supervisors in the decision making process for registration and supervision.
The Presidency text enables the competent authorities other than of the home Member States to take appropriate supervisory measures with effect only within their jurisdiction and clarifies the role of the CESR, in coherence with the role attributed to Level 3 Committees within the CRD and Solvency II.
The Presidency text also narrows the scope of the regulation to credit ratings and aims for more flexible and more proportionate application of the rules than the original Commission proposal.
The full report is attached below