Surrogate Parents (Leave, Pay and Allowance Arrangements): European Union Documents
Motion made, and Question put forthwith (Standing Order No. 119(11)),
That this House takes note of European Union Document No. 17308/11 and Addenda 1 and 2, relating to a Draft Regulation amending Regulation (EC) No. 1060/2009 on credit rating agencies (CRAs) and No. 17329/11 and Addenda 1 and 2, relating to a Draft Directive amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings of collective investment in transferable securities (UCITS) and Directive 2011/61/EU on Alternative Investment Fund Managers in respect of the excessive reliance on credit ratings; notes that these proposals, known collectively as CRA3, seek to address key reform areas associated with CRA ratings which, according to the Commission are not sufficiently addressed through existing regulation; supports the Government’s view that the financial sector’s overreliance on credit ratings should be reduced, the ratings process and methodologies made more transparent and competition strengthened; and further supports the Government’s view that there should not be a harmonised civil liability regime imposed on CRAs across Europe.—(Angela Watkinson.)