According to reports in the national and international media this week, French senators have proposed around 142 amendments to the government's financial regulation bill, principally designed to tighten the requirements for analysts and ratings services.
Reacting to the corporate accounting scandals recently seen in the United States, last month, French Finance Minister, Francis Mer introduced a draft law proposing a ban on companies acting as consultant and accountant to the same client, and additionally proposed the creation of a new Financial Markets Authority.
However, in a report presented to lawmakers on Wednesday, the Bloomberg news service revealed that: 'the Senate's finance committee suggested financial analysts and ratings services be monitored by a new market watchdog. They would also have to keep any documents about the companies they evaluate for at least three years.'
Members of the upper house are expected to debate the proposed changes to the bill on Tuesday.
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