Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-15-Speech-3-946"
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"en.20101215.23.3-946"2
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"In principle, credit rating agencies issue independent opinions on the creditworthiness of an entity, a debt, a financial obligation or a finance instrument. However, these agencies’ opinions can sometimes seriously impact the economy of the country whose financial regularity they are rating. In 2009, the Union adopted Regulation (EC) No 1060/2009 which aims to regulate the activities of agencies to protect investors and European financial markets against the risk of malpractice. It sets the conditions for issuing credit ratings as well as the rules governing the registration and supervision of credit rating agencies. Meanwhile, a report issued by an expert panel concluded that the framework for supervision needs to be improved to reduce the risk of future financial crises and their severity. The European Securities and Markets Authority (‘ESMA’) regulation established the European Supervisory Authority . To ensure that this authority runs smoothly and is properly integrated into the overall framework of financial regulation, it became necessary to amend Regulation (EC) No 1060/2009. I voted for this report, as it improves control over credit rating agencies."@en1
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