The Bank of Russia considers it expedient to strengthen the regulation of the rating area. The Central Bank proposes to give instructions to credit rating agencies, writes Kommersant.
The regulator’s expanded powers may come into effect from the end of December. In particular, the requirement of withdrawal or revision of the qualification will be applied if its assignment occurred in violation of the law.
Likewise, if the organization does not comply with the instruction issued by the Central Bank within the indicated term, the prohibition of assigning a rating will be established.
As explained in the Central Bank, these measures will contribute to increasing the responsibility of the agencies for the quality of the rating. The experts affirm that in this way the regulator wants to eliminate situations of unfair competition.
Banking expert Olga Ulyanova talks about the seriousness of the new powers of the Central Bank. She points out that the effectiveness of the measures depends on how the regulator applies them. On the one hand, greater control can improve the quality of services; on the other, it can negatively affect the independence of the agencies.
Author:
Natalia Gormaleva
Source: RB
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