The EU Commission has received the full support of the European Economic and Social Committee (EESC) for its plans to regulate and register Credit Rating Agencies (CRAs). Furthermore, the EESC called for the Commission to use the new registration process to open up the ratings business to new CRAs and said in a recent press release that "CRAs played a defining role in the development and credibility of structured products that have turned out to be toxic and have destroyed hundreds of billions of dollars worth of assets." The inclusion of withdrawal of registration processes and initiation of criminal proceedings in the proposed regulations was welcomed by the EESC and it urged the Commission to deal with the issues of CRAs' disclaimers and remuneration.