Activities of Jean-Paul GAUZÈS related to 2008/0217(COD)
Plenary speeches (1)
Credit Rating Agencies (A6-0191/2009, Jean-Paul Gauzès)
Reports (1)
REPORT Report on the proposal for a regulation of the European Parliament and of the Council on Credit Rating Agencies PDF (535 KB) DOC (933 KB)
Amendments (9)
Amendment 289 #
Proposal for a regulation
Article 7 – paragraph 1 a (new)
Article 7 – paragraph 1 a (new)
1a. Credit rating agencies shall make available on a dedicated page of their websites, free of charge and accessible at any time, information on structured finance products, which clarifies assumptions, parameters, limits and uncertainties surrounding their models and rating methodologies, including simulations of stress scenarios undertaken by the agency when establishing the ratings. That information shall be clear and easily understandable.
Amendment 292 #
Proposal for a regulation
Article 7 – paragraph 2 a (new)
Article 7 – paragraph 2 a (new)
2a. Credit rating agencies shall take adequate steps to assess the credibility, robustness and accuracy of data and information provided to them by issuers or related parties (e.g. originators, underwriter or lawyers, in the case of structured finance products). Credit rating agencies shall indicate to which extent they have verified information provided to them.
Amendment 304 #
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
1a. A credit rating agency shall disclose, on ongoing basis, information about all structured finance products submitted for their initial review or a preliminary rating. Such disclosure shall be made whether or not issuers contract with the credit rating agency for a final rating.
Amendment 318 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Credit rating agencies shall make available, in a common format, in a central repository established by CESR information on their historical performance data and information about past credit rating activities. The repository shall be open to the public.
Amendment 341 #
Proposal for a regulation
Article 15 – paragraph 3 – subparagraph 2 a (new)
Article 15 – paragraph 3 – subparagraph 2 a (new)
Credit rating agencies shall publish their code of conduct and their number of registration under this Regulation on the homepage of their websites.
Amendment 424 #
Proposal for a regulation
Annex I – Section A – point 3 a (new)
Annex I – Section A – point 3 a (new)
3a. A credit rating agency shall designate an independent auditor to assess the compliance of the credit rating agency with the provisions of this Regulation periodically.
Amendment 427 #
Proposal for a regulation
Annex I – Section A – point 7 – paragraph 1
Annex I – Section A – point 7 – paragraph 1
7. A credit rating agency shall establish an independent review function responsible for periodically reviewing the methodologies, models and significant changes to methodologies and models it uses, as well as the appropriateness of those methodologies and models for the assessment of new financial instruments.
Amendment 428 #
Proposal for a regulation
Annex I – Section B – point 1 a (new)
Annex I – Section B – point 1 a (new)
1a. Credit rating agencies shall separate the decision-making process in regard to making the original rating from the decision-making process in regard to reviewing and potentially up or downgrading the original rating of structured finance products. The analysts responsible for the original rating shall be different from those responsible for monitoring the rating.
Amendment 447 #
Proposal for a regulation
Annex I – Section D – part I – point 3 – paragraph 2 a (new)
Annex I – Section D – part I – point 3 – paragraph 2 a (new)
Credit rating agencies shall introduce a differentiated rating scale to enable investors to assess the specific risk characteristics of rated products.