BRUSSELS, June 2 (Xinhua) -- The European Commission Wednesday proposed to set up a new regulatory body to oversee credit rating agencies as part of its effort to tighten supervision of the financial system.

According to the proposal, the European Securities and Markets Authority (ESMA), will be responsible for the registration and date-to-day supervision of credit rating agencies. And the ESMA will also have the power to temporarily prohibit the agencies from issuing credit ratings and suspend use of their ratings if they infringe on the European Union (EU)'s regulation.

The ESMA can also request the Commission to impose fine on rating agencies if they intentionally or negligently breach the regulation.

(R-L) EU's commissioner for Internal Market and Services Michel Barnier, President of European Commission Jose Manuel Barroso and EU's commissioner for Economic and Monetary Affairs Olli Rehn attend a press conference on sustainable growth in Brussels, capital of Belgium, June 2, 2010.

European Internal Market and Services Commissioner Michel Barnier told a press conference: "The changes to rules on credit rating agencies will mean better supervision and increased transparency in this crucial sector."

"But they are only a first step," he said, adding "we are looking at this market in more details."
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