Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-01-16-Speech-3-181-000"
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"en.20130116.28.3-181-000"2
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"Mr President, this is the third piece of EU legislation on credit rating agencies since the financial crisis of 2008. The world’s regulation of these often global research institutions has moved on. I hope that we will now give the existing legislation on rating agencies time to settle down on a global basis.
Clarifying the liability of ratings agencies is sensible, and attempts to broaden the market participants, if done properly, should aid competition and lead to improvement in the quality of analysis. However, today’s report introduces blunt tools to try to change behaviour in very sophisticated financial markets.
It is a sad reflection of our rush in the EU to legislate on financial services post-crisis, particularly using regulations and not directives, that there have been three dossiers in a single parliamentary term attempting to establish a regulatory framework for a small, however systemically important, category of financial service provider."@en1
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