The European Commission has published a press release, where it welcomes the respective approvals from the European Parliament and from the Council on the proposed Regulation on credit rating agencies (CRAs).

The Regulation will have an impact on the activity of CRAs, which issue opinions on the credit worthiness of companies, governments and sophisticated financial structures. CRAs will be expected to comply with strict standards of integrity, quality and transparency and will be subject to ongoing supervision of public authorities. Users of credit ratings in the EU will be in a better position to decide if the opinions of a specific CRA are trustworthy and to what extent those opinions should impact their investment choices.

View Approval of new Regulation will raise standards for the issuance of credit ratings used in the Community, 23 April 2009