Press Release: Internal Market: Commission sets out its policy on credit rating agencies

The European Commission on 9 January 2006 adopted a Communication setting out its approach to credit rating agencies (CRAs). This was the response to various financial scandals and the Resolution on CRAs adopted by the European Parliament in February 2004, calling on the Commission to produce an assessment of the need (if any) for legislative intervention in this field. In line with advice received from the Committee of European Securities Regulators (CESR) in March 2005, the Commission decided not to present new legislative proposals in the area of CRAs.

CESR: Consultation on CESR's technical advice to the European Commission on possible measures concerning credit rating agencies, November 2004 http://www.cesr-eu.org/consultation_details.php?id=53

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