10 Amendments of Jean-Paul GAUZÈS related to 2010/2302(INI)
Amendment 6 #
Motion for a resolution
Recital B
Recital B
B. whereas CRAs are information intermediaries, reducing information asymmetries in the capital markets and facilitating global market access, reducing information costs and widening the potential pool of borrowers and investors, thus providing liquidity and transparency to markets and helping find prices,
Amendment 21 #
Motion for a resolution
Recital F
Recital F
F. whereas the industry's key problemre is a lack of competition; though the industry and the regulatory system'’s key problem is dependencyover-reliance on external credit ratings,
Amendment 36 #
Motion for a resolution
Recital I a (new)
Recital I a (new)
I a. Whereas independence of ratings from market and political interference must be ensured whatever new structures and business models may emerge,
Amendment 37 #
Motion for a resolution
Recital I b (new)
Recital I b (new)
I b. While ratings can and do change as a result of fundamental adjustments to risk profile or new information, they should be designed to be stable and not fluctuate on the basis of market sentiment,
Amendment 79 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Transparency and consistency of ratings Considers that credit ratings must serve the purpose of increasing information to the market in a manner that provides investors with a consistent assessment of credit risk across sectors and countries;
Amendment 84 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls for a the establishmentAsks the Commission to conduct a detailed investigation into the costs, benefits and governance structure of a fully independent European Credit Rating Foundation (ECRaF) which would expand its expertise into all three sectors of ratings;
Amendment 111 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Supports the establishment of a network of European CRAs; considers thatAsks the Commission to conduct a detailed investigation into the costs, benefits and governance structure of such a network of European CRAs; including considerations of how nationally active CRAs shcould be encouraged to move to partnership or joint- network structures in order to draw on existing resources and staffing, thus possibly enabling them to provide increased coverage and allowing them to compete with CRAs active at cross-border level;
Amendment 115 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Points out that, in order to enable investors adequately to assess risk and to fulfil their due-diligence and fiduciary duties, increased disclosure of information is necessary in the field ofSupports the existing initiatives of the ECB and others to make more information available about structured finance instruments to allowenable investors to make informed judgments; considers that sophisticated investors should be able to rate the underlying credits from which they can then derive the risk of a securitised productadequately to assess risk and to fulfil their due diligence and fiduciary duties;
Amendment 156 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Considers that, as almost all information on sovereigns is available in the public domain, larger and more sophisticated market players should use internal modelssuch information should be made more easily, consistently and comparably available so that larger and more sophisticated market players are incentivized to rely on their own judgment to assess sovereign credit risk;
Amendment 180 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Considers that if credit ratings fulfil a regulatory purpose they should not be classified as mere opinions, and that CRAs should be held accountable for their credit ratings; recommends therefore that CRAs‘ exposure to civil liability in the event of gross negligence be increased and that provisions to that effect be anchored in Member States’ civil law;CRAs should be held accountable for their credit ratings; asks the Commission to ensure that the CRA regulation is thoroughly implemented and enforced.