THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in particular Article 95 thereof,
Having regard to the proposal from the Commission,
Having regard to the opinion of the European Economic and Social Committee [Opinion of 13 May 2009 (not yet published in the Official Journal).],
Having regard to the opinion of the European Central Bank [OJ C 115, 20.5.2009, p. 1.],
Acting in accordance with the procedure laid down in Article 251 of the Treaty [Opinion of the European Parliament of 23 April 2009 (not yet published in the Official Journal) and Council Decision of 27 July 2009.],
Whereas:
(1) Credit rating agencies play an important role in global securities and banking markets, as their credit ratings are used by investors, borrowers, issuers and governments as part of making informed investment and financing decisions. Credit institutions, investment firms, insurance undertakings, assurance undertakings,
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