Brussels, 04/12/12 (Agence Europe) - On Tuesday 4 December, the Cypriot Presidency told EU27 finance ministers that the three-way talks since the summer on reform of credit rating agencies had culminated in an agreement on 27 November (see EUROPE 10740). The European Commission, the European Parliament and the Council of Ministers have agreed on rules that will require rating agencies to be more open and competitive, with fewer conflicts of interest. The rules will also mean less reliance on ratings. The draft legislation will now be submitted to the Council of Ministers and the European Parliament for approval and adoption. The Commission hopes the other two institutions will endorse it before the end of the year and is planning to unveil a report by 2017 on setting up a European credit rating agency. (EL/transl.fl)