Credit rating agencies could be forced to change their governance structures and bolster safeguards to their independence when European regulators bring in legislation to supervise their activities this month.

Rules requiring agencies that operate in Europe to register and meet strict regulatory requirements are due to be put forward by Brussels on November 12. The move – first announced in outline by EU internal market commissioner Charlie McCreevy in June – comes after criticism of their role in the markets for complex structured debt that have been at the heart of the credit crisis.