The European Commission finished consulting on a EU-wide registration scheme for credit rating agencies on 5 September, and is due to report on the outcome of this consultation on November 12. We are working internationally to improve the incentives for credit rating agencies to supply more and better information that market participants want and to avoid creating undesirable incentives for investors to over-rely on ratings. However, any approach will need to be internationally agreed as far as possible both given the nature of the ratings system as well as to avoid the possibility of regulatory arbitrage.