In its comment on the Report on rating agencies the European Banking Federation (FBE) rejects the idea to the use of
CESR as a registration authority for rating agencies.
FBE is sceptical whether registration agency would have a favourable impact on European financial markets and proposes a full consultation with market participants and a cost/benefit analysis.
Furthermore, FBE stresses the importance to monitor the work of the US Securities and Exchange Commission and of IOSCO to ensure that any initiatives taken are consistent with the global situation.
FBE letter
© FBE
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