EU Removes Market Access Rights to 5 Jurisdictions

EU Removes Market Access Rights to 5 Jurisdictions

Last week, the Financial Times cited a document whereby the European Commission signed plans to withdraw some market access rights to the following countries:

  • Argentina.
  • Australia.
  • Brazil.
  • Canada.
  • Singapore.

They have been removed on grounds that they are failing to regulate credit ratings agencies with the same level of strictness in their regulations as the European Union. The decision means removing a status that made it possible for European banks to rely on the ratings for the above countries.