10 Amendments of Jürgen KLUTE related to 2010/2302(INI)
Amendment 7 #
Motion for a resolution
Recital C
Recital C
C. whereas CRAs virtually fulfil sovereign duties having been, in recent legislation, CRAs have been assigned another role which can be classified as one of ‘certification’, reflecting the fact that ratings are increasingly embedded in regulatory capital requirements,
Amendment 13 #
Motion for a resolution
Recital D
Recital D
D. whereas, at present, CRAs rate three different sectors, the public sector, companies and structured finance instruments, and whereas CRAs played a significant role in the build-up to the financial crisis through the assignment of faulty ratings to structured finance instruments, which had to be downgraded on average three to four notches during the crisis,
Amendment 30 #
Motion for a resolution
Recital H
Recital H
H. whereas there seems to be a lack of qualitative comparability in some of the present three sectors of ratings,
Amendment 41 #
Motion for a resolution
Recital I a (new)
Recital I a (new)
I a. Whereas rating of sovereign debt by commercial CRAs violates democratic principles as these debts are affirmed by democratically legitimized bodies,
Amendment 42 #
Motion for a resolution
Recital I b (new)
Recital I b (new)
I b. whereas the "issuer pays" model and the inherent conflict of interest is likely to be one reason for the faulty ratings as discovered during the financial crisis,
Amendment 72 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Highlights the global nature of the credit rating industry and urges the Commission and Member States to work onadvocate a global approachregulation in order to preserve a level playing field and prevent regulatory arbitrage while keeping markets open; nevertheless, sees the need to find a strong and effective European regulation of the credit rating industry, especially in case that a satisfactory global agreement will not be found;
Amendment 88 #
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 expanddeliver its expertise into all threthe sectors of ratingenterprise ratings and ratings on structured finance products;
Amendment 129 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Is of the opinion that the Commission should considermake the use of two obligatory ratings for structured finance instruments if an external credit rating is used for regulatory purposesobligatory ;
Amendment 155 #
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 sophistic and given the specific fact that public budget are affirmed by democratic institutions, privated market players should use internal models to assesslike CRAs should be prohibited to rate sovereign credit risk;
Amendment 160 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21 a. Asks the Commission to come forward with a proposal for the creation of a public rating agency which shall be meant to be the only agency allowed to asses sovereign debt inside European Union. As a non market player, this public rating agency is excepted to have a more rational and long term perspective in the assessment of public debt and financial stability of the Union in general;