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16 October 2012

Commission publishes rules enabling ESMA to impose fines on credit rating agencies (CRAs)


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The European Commission today published a Delegated Regulation establishing the rules within which ESMA will operate when imposing fines on credit rating agencies when they breach EU legislation.


In order to respond to the deficiencies in the credit rating sector which contributed to the financial crisis, a regulatory framework for credit rating agencies operating in the EU was established (Regulation 1060/2009 as amended by Regulation 513/2011) and ESMA was entrusted with the supervision of credit rating agencies.

The CRAs Regulation includes a full list of infringements that, if committed by a CRA, may trigger fines, e.g. conflicts of interest, obstacles to supervisory activities or non-disclosure of certain information. The text of this delegated act can be found here.

Press release (midday express)



© European Commission


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