Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-06-Speech-1-205-000"
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"en.20110606.21.1-205-000"2
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"Mr President, Commissioner Barnier is currently in the United States meeting with his counterparts and he has asked me to convey to you the following statement in reply to Wolf Klinz’s own-initiative report on rating agencies, which was adopted by the Committee on Economic and Monetary Affairs in March.
The Commissioner agrees that shortcomings in the working methods of credit rating agencies are widely recognised today as having contributed to the financial crisis. In order to address these concerns, and in accordance with G20 commitments, the EU reacted very quickly by adopting – already in 2009 – a regulation on credit rating agencies. This introduces strict requirements with which agencies must comply in order to eliminate potential conflicts of interest and to improve the quality of rating and methodologies as well as the transparency of the ratings.
As a second step, following the establishment of the three new European financial supervisory agencies, the regulation of credit rating agencies will be strengthened by the introduction of centralised supervision by the European Supervisory Markets Authority. The amending regulation became effective on 1 June 2011. We will pay very close attention to the correct application of this legislation.
Nowadays, the European regulatory framework is a model for other jurisdictions. However, the developments in the European markets following the sovereign debt crisis in spring 2010 make it clear that further review and strengthening is required. For this reason, the Commission undertook in June 2010 to analyse the topics in depth. A public consultation was carried out, the Commission services have evaluated the responses and are working on an impact assessment with a view to issuing legislative proposals in the course of this year. In this context, the Commission will examine measures to reduce excessive dependence on external ratings, improve transparency, promote competition, introduce the principle of liability and reduce the risk of potential conflicts of interest due to the issuer-pays payment model.
We know that these are very complex issues and we want to be sure that we address them correctly. In this context, we have looked with great interest at Mr Klinz’s own-initiative report which covers the topics we are currently reviewing and makes a very big contribution to our legislative initiative.
Last but not least, at a global level, in October 2010, the Financial Stability Board issued a number of principles aimed at reducing the dependency of financial institutions on credit ratings. In accordance with these principles we intend to introduce measures against excessive dependence on ratings in our forthcoming legislative proposal for the banking sector, the so-called CRD4."@en1
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