The prescriptive EU directive on Credit Rating Agencies (CRAs), released last week, just made coordinating a global response to regulation more difficult. “The more detail the EC goes into, the more problems there will be putting it into practice,” said Jeremy Jennings-Mares of Morrison and Foerster, speaking at IFLR’s Financial Regulation and Capital Markets Forum yesterday. And the more difficult it will be to harmonise regulatory systems in Europe and the US. The EU directive includes strict guidelines and procedures applied to any overseas rating agency that wishes to establish a presence in Europe. Approval to operate will not...