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June 8, 2010    

Credit rating agencies need tighter regulation

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by David Masters
Credit rating agencies need tighter regulation

European Union proposals to tighten regulation on credit rating agencies (CRAs) have been praised by a financial expert.

Martin Bamford, chartered financial planner at Informed Choice, welcomed the EU Commission’s plans to better regulate CRAs.

“The opinions of CRAs can have a big impact on markets and economies, so better regulation of these bodies is needed,” Bamford said.

“They should remain independent companies, but become subject to better rules on how they assess markets and report their findings.”

Currently, credit ratings are controlled by Standard and Poor’s, Fitch Ratings and Moody’s, all US-based institutions.

EU proposals to limit the power of CRAs include setting up a Europe-based CRA regulator, the European Securities and Markets Authority (ESMA).

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