EU Sets Credit Rating, Cross-border Payment and E-money Rules

The European Council adopted a regulation introducing a legal framework for credit rating agencies (3642/09) and a directive updating capital requirements for banks (3670/09), which constitute a significant part of the work programme it launched last autumn in response to the financial crisis.

It also adopted a regulation on cross-border payments (3665/09) and a directive on electronic money (3666/09), in the light of assessments of the application of existing rules, as well as a decision establishing European Community programme to support activities in the field of financial services, financial reporting and auditing (3671/09).

The Council and the European Parliament reached agreements for all five dossiers in the first reading.


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