UBS urged financial market regulators to "take an active role," in rating agency selection as part of an effort to save these firms, in a research report last Tuesday.

The regulators are the only ones that are clear in their desire for conservative, accurate ratings, UBS said. Since regulators have outsourced credit analysis to the agencies, the bank said it is only fair that they have the right to designate which agencies' ratings are acceptable for these purposes. Regulators should also be held accountable for the rating agencies they select, the bank said.

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