The Presidency has announced the agreement in Trilogue of proposals for legislation to ensure businesses do not blindly rely on credit rating agencies (CRAs). The draft Regulation and Directive also address:
- prevention of conflicts of interest;
- more diversity and stricter independence of CRAs;
- accountability of CRAs; and
- specific rules on sovereign debt ratings. There will be three set dates each year on which CRAs can issue these ratings.
(Source: Presidency Announces CRA Agreement)