Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-08-Speech-3-295-500"
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"en.20110608.20.3-295-500"2
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"Credit rating agencies (CRAs) provide ratings for three different sectors – the public sector, companies and structured finance instruments – and played a significant role in the path that led to the financial crisis, through the assignment of faulty ratings to structured finance instruments, which had to be downgraded on average three to four notches during the crisis. Regulation (EC) No 1060/2009 was the first reaction to the financial crisis and already deals with the most pressing issues, subjecting CRAs to oversight and regulation. However, I hope that greater transparency in the actions of CRAs will be obligatory. The absence of regulatory certainty in this sector is putting the proper functioning of EU financial markets at risk and therefore requires the Commission, before tabling further amendments to Regulation (EC) No 1060/2009, to identify properly the gaps in the new framework and provide an impact assessment on the range of alternatives available to fill such gaps, including the possibility of further legislative proposals. The credit rating industry has several problems, some of the most important of which include the lack of competition, oligopolistic structures and the lack of accountability and transparency."@en1
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