8 Amendments of Pervenche BERÈS related to 2010/2302(INI)
Amendment 9 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas the activities of CRAs have had a considerable macroeconomic impact by altering the behaviour of financial operators,
Amendment 10 #
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas financial operators have placed excessive reliance on the judgments made by CRAs, which have moreover had considerable influence over international banking regulators,
Amendment 15 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas professional investors have no capacity of their own for assessing sovereign debt and structured financial products and therefore have to trust blindly in private CRAs, which de facto play a preponderant role in devising and assessing the said financial products,
Amendment 85 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls for a the establishment of a fully independent European Credit Rating Foundation (ECRaF) which would expand its expertise into all three sectors of ratingon the Commission to establish a public European Credit Rating Agency, and considers that independent courts of audit should contribute actively to the rating of sovereign debt; believes that this development would introduce a welcome plurality of standards;
Amendment 91 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Believes that the start-up financing costs to cover the first three years of the ECRaFAgency’s work need to be carefully calculated; that these initial costs should take the form of a lump-sum capital payment and should be provided by the financial services industry with the involvement of both users and issuers; asks the Commission to produce a detailed impact assessment and cost estimate for the necessary financing in this respect; considers that the new ECRaF should be fully self-sufficient after the three-year start-up period;
Amendment 99 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Considers that, to ensure its credibility, the management, staff and governance structure of the new ECRaFAgency need to be fully autonomous vis-à-vis the Member States, the Commission and all other public bodiesfinancial industry operators and private CRAs; considers that the Agency should be directly supervised by ESMA, in association with the ESRB;
Amendment 107 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Asks the Commission to conduct a detailed impact assessment and feasibility study on the establishment of an independent ECRaFuropean public CRA and to come forward with legislative proposals;
Amendment 167 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Supports the existence of various payment models in the industry aConsiders that the ‘issuer pays’ model which is currently in use at the main private CRAs lcong as inherentstitutes the main risk factor giving rise to conflicts of interest, are addressed by regulatory means; asks the credit rating industrynd raises the issue of the independence of CRAs; asks ESMA to come forward with proposals for alternative viable payment models that involve both issuers and userssuch as the ‘investor pays’ model, in order to make ratings more reliable;