By Huw Jones 35 minutes ago LUXEMBOURG (Reuters) - Credit rating agencies, under fire for being slow to warn investors about financial turmoil, face much tougher scrutiny and even new laws, a top market regulator said on Wednesday.Critics say the agencies failed to warn investors in time about complex mortgage backed products as defaults in the U.S. home loans market snowballed into a global credit squeeze.
Eddy Wymeersch, chairman of the Committee of European Securities Regulators (CESR) said at the very least they will now have to introduce tougher codes of conduct.
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