UK Financial Authorities Respond to Consultation on Credit Rating Agencies

HM Treasury, the Financial Services Authority and the Bank of England have produced a joint report of their views on the European Commission consultation document on Credit Rating Agencies. Amongst other issues, the authorities consider that the Commission should look to the measures taken in other jurisdictions to reduce overreliance on credit ratings, and seek to improve competition in the industry whilst ensuring that ratings are of a high quality.

Date

January 31, 2011