11 Amendments of Kurt Joachim LAUK related to 2008/0217(COD)
Amendment 152 #
Proposal for a regulation
Recital 13
Recital 13
(13) Long -lasting relationships with the same rated entities or its related third parties could compromise the independence of senior analysts and persons approving credit ratings. Therefore those senior analysts and persons should be subject to a rotation mechanism.
Amendment 189 #
Proposal for a regulation
Recital 25 a (new)
Recital 25 a (new)
(25a) Once the conclusions of the high- level group are available, or this Regulation needs to be amended in order to comply with new international agreements, the Commission should, without delay, submit the legislative proposals required to enable this Regulation to be updated.
Amendment 192 #
Proposal for a regulation
Recital 25 b (new)
Recital 25 b (new)
(25b) Should the high-level group propose that future credit ratings be confined to issuers and no longer issued for products, that proposal should be addressed with a view to amending this Regulation and to determining whether and how it can become an international standard.
Amendment 261 #
Proposal for a regulation
Article 4 a (new)
Article 4 a (new)
Article 4a Liability The future rules governing the liability of credit rating agencies shall be comparable with those applicable to auditors.
Amendment 275 #
Proposal for a regulation
Article 6 – paragraph 4 – subparagraph 1
Article 6 – paragraph 4 – subparagraph 1
4. A credit rating agency shall ensure that senior analysts and persons approving credit ratings shall not be involved in providing the credit rating services to the same rated entity or its related third parties for a period exceeding four years. For that purpose it shall establish a rotation mechanism with regard to those senior analysts and persons.
Amendment 308 #
Proposal for a regulation
Article 8 – paragraph 3 – point a
Article 8 – paragraph 3 – point a
(a) credit rating categories that may be attributed to structured finance instruments are clearly differentiated from rating categories that may be used to rate other types of rated entities or financial instruments. Separate rating categories shall be used for structured, complex instruments;
Amendment 313 #
Proposal for a regulation
Article 8 – paragraph 5 a (new)
Article 8 – paragraph 5 a (new)
5a. A credit rating agency shall document and disclose all the steps, information and factors which have given rise to a rating.
Amendment 319 #
Proposal for a regulation
Article 9 – paragraph 2 a (new)
Article 9 – paragraph 2 a (new)
2a. The reformed CESR or the centralised European agency shall consistently compile and publish statistics on credit rating agencies and their performance, inter alia as regards the reliability of their ratings.
Amendment 344 #
Proposal for a regulation
Article 18 a (new)
Article 18 a (new)
Article 18a Reform of the CESR It would be appropriate to carry out a reform of the CESR, either by expanding the CESR itself into an independent European agency, or by establishing a centralised European agency which issues credit ratings. With that aim in view, within 12 months following the entry into force of this Regulation the CESR shall submit a business plan detailing how such an agency should be operated. The Commission shall then put forward a corresponding proposal, taking into account, inter alia, the fact that the start- up capital for a future European agency shall be provided, on a pro rata basis, from the EU budget, by the European finance industry and by entities. The agency shall receive additional, current revenue in the form of charges for issued ratings to be paid by the client or the applicant. The agency shall operate in such a way as to cover its own costs, without generating any profit.
Amendment 350 #
Proposal for a regulation
Article 18 b (new)
Article 18 b (new)
Article 18b Non-profit-making organisation For the purposes of implementing this Regulation, a new, independent non- profit-making organisation shall be established which shall issue credit ratings. This organisation should have a start-up capital of EUR 200 million. Its start-up capital should be provided, on a pro rata basis, from the EU budget, by the European finance industry and by entities. The organisation shall receive additional, current revenue in the form of charges for issued ratings to be paid by the customer or the applicant. The organisation shall operate in such a way as to cover its costs, without generating any profit. The Commission shall put forward a corresponding proposal.
Amendment 354 #
Proposal for a regulation
Article 20 – paragraph 3a (new)
Article 20 – paragraph 3a (new)
3a. The reformed CESR or the centralised European agency shall be granted, on a confidential basis and at its own request, access to information held by bank departments responsible for risk management.