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EuroParliament passed law to supervise work of Standard and Poor's, Fitch and Moody's
10:41 27.04.2009
text: "Kazakhstan Today" views: [68] Related articlesPresident charged government, National Bank to develop plan to increase country rating up to level A Moody's upgrades the DBK's EMTN programme rating to Baa2 Fitch assigns local currency ratings to four Kazakhstani banks Almaty. April 27. Kazakhstan Today - Euro Parliament passed the law providing mandatory registration of the international rating agencies and giving the European Union the right to supervise their work. The decision of the European legislators will concern three largest world agencies - Standard and Poor's, Fitch and Moody's, the agency reports citing Reuters.
According to the new rule, each rating agency should be registered at the European securities market regulator. Also, the special supervisory commission from the representatives of the control bodies of all countries will be created for each agency.
The law will allow solving the conflict of interests arising between the agencies and clients who pay for assessment of their debt level or condition of the company.
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