Fitch Advocates Global Rating Agencies Regulator | Blog Detail | InsureReinsure.Com | The Insurance & Reinsurance Blog

Fitch Advocates Global Rating Agencies Regulator: "At the Australian Securities and Investments Commission (ASIC) Summer School conference, held in the week of 2 March 2009, Ben McCarthy, the managing director of Fitch Ratings Australia, said that rating agencies would support moves to create a global regulatory framework for the credit ratings sector.

McCarthy explained that 'to a significant extent, the rating agencies are looking at the most onerous of any of the international regulations and implementing them worldwide'. An internationally accepted standard would make it easier for S&P or Fitch to run their businesses in this way as currently they need to comply with all the regulations around the world at once.

Furthermore, the agencies would support a plan to create a single global regulatory agency for their sector. McCarthy stated that this would simplify the process of developing, communicating and enforcing a set of international standards. He anticipated that the principal drivers for this process would be the US, Europe and the International Organisation of Securities Commissions."

Source: Insurance & Reinsurance Blog