Consultation sur un projet de directive à l'égard de l'autorisation, l'exploitation et la surveillance des agences de notation de crédit et sur des options de politique pour résoudre le problème de la dépendance excessive sur les cotes de crédit.
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La Voix des Emprunts Russes
DG Internal market and services, unit G3
Friday , August 29 , 2008.
Consultation on (i) a draft Directive / Regulation with respect to the authorisation, operation and supervision of credit rating agencies (CRAs) ____________________________________________________
Comments from La VOIX des EMPRUNTS RUSSES
N° Identification : 8418948346-53
Dear Sirs,
LA VOIX DES EMPRUNTS RUSSES is an association of holders of defaulted Russian government bonds.
We believe that the inexplicable "investment grade" ratings currently enjoyed by the Russian Federation have been attributed to this defaulted sovereign issuer as a consequence of unresolved conflicts of interest embedded in the business model and rating process of sovereign issuers of a similar nature to those which have (once again) come to light in the wake of the current market turmoil and the rating of CDOs and other debt instruments..
We strongly believe that the problem of potential conflicts of interests is endemic to CRA activity as a whole and that the necessity for CRAs to "comply with exacting regulatory requirements to make sure ratings are not tainted by the conflicts of interest inherent to the ratings business" (as per Commissioner McCreevy's statement) applies to the entire range of products rated by CRAs, and not only structured products - even if the necessity for robust measures has only been acknowledged in the wake of the current crisis, which is clearly linked to structured products.
We welcome the opportunity to comment as per the following documents, and thus bring to the Commission's attention a major problem which concerns hundreds of thousands of European citizens and investors, and issues worth hundreds of billions of euros.
Sincerely,
The President
http://circa.europa.eu/Public/irc/markt/markt_consultations/library?l=/financial_services/credit_agencies/organisations&vm=detailed&sb=Title
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