Financial Times FT.com

Watchdog backs plans for global body to oversee rating agencies

By Jennifer Hughes in London

Published: May 28 2008 03:00 | Last updated: May 28 2008 03:00

Proposals to set up an international body to oversee credit rating agencies have won a powerful endorsement from a leading European regulator.

Michel Prada, the French financial regulator and head of an influential international committee, backed proposals for a global body that could name and shame agencies for breach of best practice but that stop short of calling for direct regulation.

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