Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-08-Speech-3-309-000"
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"en.20110608.20.3-309-000"2
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"I support the Klinz report in order to advance the process of reforming the rating agencies. While the first legislative initiative made these agencies subject to regulation and supervision and the second clarified the supervisory powers of the European Securities and Markets Authority (ESMA), this resolution advocates decreasing regulatory dependence on external ratings, structuring the industry in a competition framework and improving its business models in line with the criteria of the Financial Stability Forum.
The final text includes my amendments. With these amendments, I intended to strengthen the capacity of the supervisory authorities, promote a level playing field globally, increase competition by avoiding
and establish standard procedures for disseminating information. On the subject of sovereign debt, I advocated that the rating agencies should avoid pro-cyclicality in their work and take into account the forecasts of the main international financial institutions. I also called for proposals from the Commission to reform the payment models and to impose accountability for misconduct.
Finally, I very much welcome the fact that the report considers the establishment of an independent European rating agency and the possibility of a European foundation."@en1
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"rating shopping"1
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