ACT MarketView: Treasurers attack EU plans to regulate rating agencies
The ACT's Martin Donovan reports on why treasurers feel regulation of ratings agencies will increase costs and interfere in competition.
Within days of closing his consultation on the regulation of credit rating agencies, the European commissioner for internal markets, Charlie McCreevy, has said he intends to propose a legally binding registration and external oversight regime in October, with European regulators supervising the agencies' policies and procedures. The proposals will also cover reform of the corporate and internal governance of agencies.
To read the rest of the article you'll need to log in below
If you've forgotten your details click here for a reminder.
If you haven't got an account, it's free and it only takes a minute to set one up,
click here to register
- login or register to post comments
- Add to a social bookmarking site
The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more