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Credit Rating Agencies -
Sharon Bowles presented her draft opinion on the Directive on Credit Rating Agencies asking whether the proposal should be in form of a Regulation or a Directive. Also, she argues that the proposal should be based on different legal status (article 47(2)).
With regard to the governance criteria, the rapporteur proposes that the administrative or supervisory board be subject to persons performing an independent monitoring function. This could be non-executive directors if that is appropriate. For a group of rating agencies there is no need for duplication, the function could be for the whole group.
With regard to civil liability aspects, Mrs Bowles considers that there is no reason to extend the current civil liabilities available within Member States which in general already cover cases of gross negligence and malpractice. Indeed it would be dangerous to encourage, or facilitate, litigation that might influence rating decisions and give rise to a route to blackmail and undermine the very independence that it is sought to ensure and maintain, she argues.
Timeline:
Deadline for amendments: 17.02.2009
Adoption in Committee: 9.03.2009