Brussels, 14/05/2013 (Agence Europe) - On Monday 13 May, the Council of the European Union endorsed the draft directive on credit rating agencies. The idea is to reduce investor over-reliance on external credit ratings, mitigate the risk of conflicts of interest and set up a civil liability system.
In order to make the credit rating industry more competitive, a rotation system will be introduced but only for issuers of structured financial products with underlying re-securitised assets. It...