Internal Market: Commission welcomes EU regulators' report on credit rating agencies

IP/07/28
Brussels, 10 January 2007

The European Commission has welcomed a report issued by the Committee of European Securities Regulators (CESR) on the extent to which credit rating agencies (CRAs) comply with the International Organisation of Securities Commissions (IOSCO) Code. The report concludes that the main CRAs generally comply with the Code, but also identifies various deviations. CESR was asked to monitor CRAs' compliance as part of the Commission's new policy approach to CRAs, which is based on a combination of existing EU financial services Directives and industry self-regulation (see IP/06/8).