5 Amendments of Margaritis SCHINAS related to 2008/0217(COD)
Amendment 108 #
Proposal for a regulation
Recital 3
Recital 3
(3) Credit rating agencies mayshall apply on a voluntary basis the Code of Conduct Fundamentals for credit rating agencies issued by the International Organisation of Securities Commissions, hereinafter the "IOSCO code". In 2006 a Communication from the Commission on Credit Rating Agencies invited the Committee of European Securities Regulators, hereinafter "CESR", to monitor compliance with the IOSCO Code and report back to the Commission on an annual basis.
Amendment 111 #
Proposal for a regulation
Recital 5
Recital 5
(5) Credit rating agencies are considered on the one hand to have failed to reflect early enough in their credit ratings the worsening market conditions and on the other to have failed to adjust their ratings in time following the deepening market crisis. This failure can be best corrected by measures related to conflicts of interest, the quality of the credit ratings, the transparency of the credit rating agencies, their internal governance and surveillance of the activities of the credit rating agencies. The users of credit ratings should not rely blindly on credit ratings. They should take utmost care to perform own analysis and conduct due diligence regarding their reliance on such credit ratings.
Amendment 166 #
Proposal for a regulation
Recital 14
Recital 14
(14) Credit rating agencies should use rating methodologies that are rigorous, systematic, and continuous and result in ratings that may be subject to validation based on historical experience. Credit rating agencies should ensure that methodologies, models and key rating assumptions used for determining credit ratings are properly maintained, up-to-date and subject to a comprehensive review on a periodic basis. In cases where the lack of reliable data or the complexity of the structure of a new type, in particular structured finance instruments, raises serious questions as to whether the credit rating agency can produce a credible credit rating, the credit rating agency should refrain fromnot issuinge a credit rating or withdraw an existing credit rating.
Amendment 320 #
Proposal for a regulation
Article 9 – paragraph 3
Article 9 – paragraph 3
3. A credit rating agency shall make available annually to the competent authority of the home Member State the information on matters set out in Annex I, Section E, Part II, point 2. Competent authorities of home Member States shall not disclose that information.
Amendment 434 #
Proposal for a regulation
Annex I – Section B – point 3 – point c a (new)
Annex I – Section B – point 3 – point c a (new)
(c) credit rating is not based on sufficient and reliable data or the available information is not sufficient for a reliable credit rating to be given;