EU rolls out proposal to regulate ratings agencies

06/2/2010 | Times (London) (subscription required), The

The European Union released the details of its plan to put the credit ratings agencies under the authority of a regulator with the power to impose fines and suspend companies from doing business within the EU. European Commission President Jose Manuel Barroso said the EU is working on creation of a new European rating agency that would offer an alternative to the companies that today dominate the business, Standard & Poor's, Moody's and Fitch Ratings.

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