Ms. Verena Ross of the European Securities and Markets Authority has delivered a speech to the European Parliament’s Committee on Economic and Monetary Affairs, in which she suggests that new European Commission proposals for reforming credit rating agencies ("CRAs") may have a detrimental effect on the quality of the rating process and the reliability of ratings themselves. She suggested that the new rules for mandatory rotation of analysts and CRAs could lead to new entrants competing by offering better ratings, among other issues, and said legislators should be careful of the potential risks created by new regulations.