The EU Council adopted a directive and a regulation amending the EU's rules on credit rating agencies (CRAs). This follows agreement with the EU Parliament on 27 November 2012, and subsequent approval by the Permanent Committee of Representatives (COREPER) on 5 December 2012. The directive and regulation amend existing legislation on CRAs so as to reduce investors' over-reliance on external credit ratings, mitigate the risk of conflicts of interest in credit rating activities and increase transparency and competition in the sector. In particular, the directive amends directives on the activities and supervision of institutions for occupational retirement provision, on UCITS and on AIFMs so as to reduce their reliance on external credit ratings when assessing the creditworthiness of their assets.