Leonardo Domenici News
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Credit-ratings companies will face European Union curbs on how they update markets about the quality of government debt under plans approved by the bloc’s lawmakers today.
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The European Parliament may next take up proposals to regulate credit-rating companies in September, said Leonardo Domenici, the lawmaker leading work on the rules.
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Diplomats from the European Union’s 27 member countries failed to reach a deal yesterday in Brussels on how much leeway national regulators should have to force their banks to hold more capital than the region’s law requires, said an EU official familiar with the matter.
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The futures industry is recommending more rigorous reporting and internal controls for brokerages as $1.6 billion of customer money is still unaccounted for after the bankruptcy of MF Global Holdings Ltd.
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European Union lawmakers voted to scrap most of a proposal to force businesses to rotate the credit-ratings company they hire to assess their debt, while backing tighter restrictions on sovereign-debt ratings.
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The European Union is considering phasing in new capital rules for the life insurance industry over seven years, easing the burden on insurers who had criticized the changes.
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The European Parliament may allow member countries to refuse reviews by credit-ratings agencies, Die Welt reported, citing a draft of a proposed resolution.
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The European Union is poised to scrap most parts of a proposal that would force businesses to rotate the credit-ratings company they hire to assess their debt.
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Companies that issue resecuritized debt would have to change their credit-ratings provider at least every four years under a deal among European Union governments to spur competition and counter possible conflicts of interest, an EU official said.
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Governments, which have been criticizing credit-rating companies over sovereign-debt downgrades, should start a competing firm, according to Moody’s Corp. Chief Executive Officer Ray McDaniel.
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