The EU Regulation of the European Parliament and Council on Credit Rating Agencies (CRAs) was published in the Official Journal1 on 17 November 2009 and came into force on 7 December 2009. As a result, CRAs operating in the EU will need to apply for registration between 7 June 2010 and 7 September 2010 for their ratings to be used for regulatory purposes in the European Community.
The
CRA is responsible for demonstrating compliance with the requirements of the Regulation on an ongoing basis. Should a
CRA believe that additional information would materially affect the conduct of ongoing supervisory activities, such additional information should be submitted.
In the case of specific investigations and as allowed under Article 23.3 of the Regulation, competent authorities are able to use their powers in relation to CRAs as well as any persons involved in credit rating activities, the rated entities, related third parties, or any other persons other-wise related or connected to CRAs or credit rating activities.
It is important to note that this Guidance may be altered to reflect the possible change in su-pervisory responsibility to the European Securities and Markets Authority (ESMA).
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© CESR - Committee of European Securities Regulators
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