Europe: Commission consults on credit rating agencies

The European Commission has published a consultation on credit rating agencies: see here (pdf). The purpose of the consultation is to gather opinion on certain matters not covered by Regulation (EC) No 1060/2009 on credit rating agencies (OJ L 302 of 17.11.2009, here, pdf), including the risk of overreliance on credit ratings by financial market participants, the high degree of concentration in the credit rating sector, the civil liability of credit rating agencies and the remuneration models used by credit rating agencies.