Freedom of Information request - Rating Credit Raters

The request was successful.

Dear Economic and Financial Affairs (ECFIN),

Under the right of access to documents in the EU treaties, as developed in Regulation 1049/2001, I am requesting documents which contain the following information:

Background - Infrangilis is a UK based think-tank that focuses on resiliency strategies, and is conducting research on the performance of Credit Rating Agencies. At the end of May 2012 we will publish a study comparing and contrasting the performance of the industry entitled “Rating Credit Raters: Sovereign Credit Rating Agencies – Political Scapegoats or Misguided Bullies?” This international study will look at the practices of firms including: Moody’s, S&P, Fitch, DBRS, JCR, R&I, and Dagong, amongst others.

To support this we need you to answer the below questions. (Data is gratefully requested per year over the last 5 years).

Please note: Infrangilis will not accept unreasonable excuses for not supplying the information requested and any such unhelpful action will be reported in all media outreach associated with the launch of the report.

Thank you for your assistance in this matter.

1. Conflicts of interest – how many complaints/ letters expressing concern has your DG received against the industry or one of its members? (against which firms? do you categorise the nature of the complaint and if so what were these?)

2. Inaccurate assessments/incompetent performance – how many complaints/ letters expressing concern has your DG received against the industry or one of its members? (against which firms? do you categorise the nature of the complaint and if so what were these?)

3. Business meetings with senior DG officials – how many times has the industry/ one of its members met with your DG at your offices? (who was this with? do you categorise the nature of the meetings and if so what where these?)

4. Industry events – how many times have senior DG officials accepted invitations to industry-sponsored gatherings or drinks/meals? (who was the sponsor? who was the public official? do you categorise the nature of the event and if so what were these?)

5. Resources deployed – how many people and how much budget is dedicated to dealing with this industry? (absolute numbers, % of total DG budget) was any of the budget given to/ shared with the industry? (if so who and how much?).

Do also feel free to contact me if you need clarification on this research.

Yours faithfully,

philip monaghan

Economic and Financial Affairs

Ares(2012)490075

Dear Mr. Monaghan ,

Thank you for your e-mail dated 18/04/2012 registered on 20/04/2012. I hereby acknowledge receipt of your request for access to documents.

In accordance with Regulation 1049/2001 regarding public access to European Parliament, Council and Commission documents, you will receive a response to your request within 15 working days.

Yours sincerely,

Christophe Houyoux

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Economic and Financial Affairs

1 Attachment

Dear Mr Monaghan,
Subject:        Your application for information and access to documents –
Ref GestDem No 2012/2047
We refer to your e-mail dated 18 April 2012 in which you make a request
for access to documents, which was transferred to Directorate General
Internal Market and services and registered on 20April 2012 under the
above mentioned reference number.
Your application is currently being handled. However, we will not be in a
position to complete the handling of your application within the time
limit of 15 working days.
An extended time limit is needed as your application cannot be handled
within normal time frames due to the complexity of your request and a
detailed analysis required in order to answer your questions. Such a
detailed analysis cannot be carried out within the normal time limits set
out in Article 7 of Regulation 1049/2001.
 
However, the Regulation also provides for a possibility to confer with
applicants in order to find a fair solution when an application concerns a
very large number of documents. Article 6(3) provides that "in the event
of an application relating to a very long document or to very large number
of documents, the institution concerned may confer with the applicant
informally, with a view to finding a fair solution".
 
In order to deal with your request we propose to answer to you no later
than the end of June and if possible before following our research. We
hope you will accept this proposal.
 
We apologise for this delay and for any inconvenience this may cause.
For any further question, please don’t hesitate to contact me.
Yours sincerely
 
Didier BOULOUQUE
 
 
 
 
 
Commission européenne
DG Marché intérieur et services
Unité B-3: Application du droit du marché unique
B-1049 Bruxelles
Tél: 00.32.2.295.08.14
Fax: 00.32.2.299.21.06
e-mail: [email address]
 
Nous trouver sur le web: [1]http://ec.europa.eu/internal_market
De l'information concernant les droits tirés de l'UE:
[2]http://ec.europa.eu/youreurope
Votre opinion: [3]Debate on the Single Market Act
 
 
 
 
 
 
 

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Economic and Financial Affairs

Dear Mr Monaghan
 
The competent unit is finalising the answer concerning your request. You
will receive our answer in a few days.
 
We apologise for this delay and for any inconvenience this may cause.
For any further question, please don’t hesitate to contact me.
Yours sincerely
 
Didier BOULOUQUE
 
Commission européenne
DG Marché intérieur et services
Unité B-3: Application du droit du marché unique
B-1049 Bruxelles
Tél: 00.32.2.295.08.14
Fax: 00.32.2.299.21.06
e-mail: [email address]
 
Nous trouver sur le web: [1]http://ec.europa.eu/internal_market
De l'information concernant les droits tirés de l'UE:
[2]http://ec.europa.eu/youreurope
Votre opinion: Debate on the Single Market Act
 
 
 
 
 
_____________________________________________
From: MARKT DOSSIERS ACCES
Sent: Wednesday, May 16, 2012 6:13 PM
To: '[FOI #107 email]'
Subject: RE: access to information request -- Rating Credit Raters -
gestdem 2012/2047
 
 
Dear Mr Monaghan,
Subject:        Your application for information and access to documents –
Ref GestDem No 2012/2047
We refer to your e-mail dated 18 April 2012  in which you make a request
for access to documents, which was transferred to Directorate General
Internal Market and services and registered on 20April 2012 under the
above mentioned reference number.
Your application is currently being handled. However, we will not be in a
position to complete the handling of your application within the time
limit of 15 working days.
An extended time limit is needed as your application cannot be handled
within normal time frames due to the complexity of your request and a
detailed analysis required in order to answer your questions. Such a
detailed analysis cannot be carried out within the normal time limits set
out in Article 7 of Regulation 1049/2001.
 
However, the Regulation also provides for a possibility to confer with
applicants in order to find a fair solution when an application concerns a
very large number of documents. Article 6(3) provides that "in the event
of an application relating to a very long document or to very large number
of documents, the institution concerned may confer with the applicant
informally, with a view to finding a fair solution".
 
In order to deal with your request we propose to answer to you no later
than the end of June and if possible before following our research. We
hope you will accept this proposal.
 
We apologise for this delay and for any inconvenience this may cause.
For any further question, please don’t hesitate to contact me.
Yours sincerely
 
Didier BOULOUQUE
 
 
 
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Commission européenne
DG Marché intérieur et services
Unité B-3: Application du droit du marché unique
B-1049 Bruxelles
Tél: 00.32.2.295.08.14
Fax: 00.32.2.299.21.06
e-mail: [3][email address]
 
Nous trouver sur le web: [4]http://ec.europa.eu/internal_market
De l'information concernant les droits tirés de l'UE:
[5]http://ec.europa.eu/youreurope
Votre opinion: [6]Debate on the Single Market Act
 
 
 
 
 
 
 

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Economic and Financial Affairs

3 Attachments

Dear Mr Monaghan,
 
Please find attached Ms Nathalie de Basaldúa's reply to your request of 18
April 2012.
 
 
 
Yours sincerely,
 
 
Véronique Lafon
Administrative Assistant
 
European Commission
DG Internal Market and Services
Unit Financial Stability

SPA2 4/52
B-1049 Brussels/Belgium
+32 2 296 80 61
[1][email address]

Find us on the web: [2]http://ec.europa.eu/internal_market
For information on EU rights: [3]http://ec.europa.eu/youreurope   
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Have your say: [4]Debate on the Single Market Act
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The views expressed in this e-mail are my own and may not,
under any circumstances, be interpreted as stating an official
position of the European Commission.
 
 

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