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Consultation on Credit Rating Agencies (CRAs), new initiatives

Consultation on Credit Rating Agencies (CRAs), new initiatives

Policy field(s)
Internal market

Target group(s)
All citizens and organisations were welcome to contribute to this consultation. Contributions were particularly sought from users of credit ratings and in particular investors and industry associations, national governments, national competent authorities, other professional organisations in the field of financial markets, credit rating agencies and securities regulators.

Period of consultation
From 05.11.2010 - 07.01.2011 - closed.

Objective of the consultation
The purpose of the public consultation was to open a wider debate and get input from investors, market participants, governments, regulators and other stakeholders in order to calibrate the scope and ambition on possible provisions to be considered in a forthcoming Commission proposal dealing with potential risks arising from over-reliance on credit rating by financial markets participants, the high degree of concentration in the rating market, absence of civil liability of credit rating agencies in the CRA Regulation and conflicts of interest due to the remuneration models used by the credit rating agencies.

View the consultation document

Background document

Contact details
Responsible service:DG Internal Market and Services / Unit G3
Postal address:Responses by e-mail only please

Number of answers received

See the contributions received

For the sake of transparency, organisations have been invited to publish information by registering into the Register of interested representatives and undertaking to comply with its code of conduct. Contributions of organisations which are not registered are published separately.

Results of consultation and next steps
Following this consultation, the Commission will present concrete policy initiatives in early 2011, with the headline goal of having these adopted over the period 2011-2012.