Brussels, 10/01/2007 (Agence Europe) - As in January 2006, the Commission is of the opinion that no legislation at European level is required specifically to regulate the activities of credit rating agencies (see EUROPE 9106). This position was confirmed by a recent report from the Committee of European Securities Regulators (CESR) which says that the combination of three European directives (2003/6/EC on market abuse, 2006/49/EC on the capital adequacy of credit institutions and 2004/39/EC...