3 Amendments of Liem HOANG NGOC related to 2011/0361(COD)
Amendment 163 #
Proposal for a regulation
Recital 25
Recital 25
(25) Credit rating agencies should only be held liable if they infringe intentionally or with gross negligence any obligations imposed on them by Regulation (EC) No 1060/2009. This standard of fault means that credit rating agencies should not face liability claims if they neglect individual obligations under the Regulation without disregarding their duties in a serious way. This standard of fault is appropriate because the activity of credit rating involves a certain degree of assessment of complex economic factors and the application of different methodologies may lead to different rating results, none of which can be qualified as incorrect.
Amendment 195 #
Proposal for a regulation
Recital 32 a (new)
Recital 32 a (new)
(32a) The role of the rating agencies is to provide a financial analysis and an assessment of creditworthiness. Under no circumstances does it involve judging the economic policies of a government or making recommendations in this area. Any rating agency thus exceeding its brief should, as an initial step, be given a public warning by the ESMA, and, in case of repeated interference, be liable to a penalty which may even include the withdrawal of its licence.
Amendment 345 #
Proposal for a regulation
Article 1 – point 19 b (new)
Article 1 – point 19 b (new)
Regulation (EC) No 1060/2009
Article 24 a (new)
Article 24 a (new)
19b. The following article is added after Article 24: ‘Article 24a Penalties for rating agencies exceeding their remit Where the ESFS establishes that a rating agency has exceeded its remit by issuing a judgment regarding the economic policies of a government and/or recommendations in this respect it shall take one or more of the following decisions, depending on the gravity and frequency of the offence: (a) public announcement; (b) temporary ban on the credit rating agency from issuing credit ratings throughout the Union; (c) fine imposed on rating agency pursuant to Article 36a; (d) removal of credit rating agency from register.’