The FAQ intends to provide market participants with quick and efficient responses. CESR responses do not contain standards, guidelines or recommendations. The questions cover issues such as corporate governance, endorsement regimes and registration processes.
EU legal framework
On 12 November 2008, the European Commission published a Draft Regulation on credit rating agencies. The amended version of the regulation was approved by the European Parliament on 23 April 2009 and on 27 July 2009 by the Council. The final version was published on 16 September 2009. It entered into force on 7 December 2009 and was in full application by 7 June 2010.
The “Q and A‟ publication is intended to provide market participants with quick and efficient responses to questions which are commonly posed to CESR Members. CESR responses do not contain standards, guidelines or recommendations, and therefore no prior consultation process has been followed. It is CESR’s intention to operate in a way that will enable its membership to react quickly and efficiently if any aspect of the common positions published need to be modified or the responses clarified further.
This document will be updated regularly. After each question an indication of the date of its first publication (or latest amendment) will be included to ease the identification of the new Q&A.
CESR members meet regularly to discuss questions raised by competent authorities and market participants. Market participants identifying a question of general importance may send it directly to the relevant competent authority they deal with or to the CESR secretariat . Furthermore, CESR would welcome feedback from market participants on those issues already identified in the document as common positions among its members. The frequency of the future publications will depend on the number of new questions identified and the time it takes to analyze the issues raised and to find common positions.
The FAQ covers the following areas:
· corporate governance and compliance
· endorsements regime
· exemptions
· disclosures
· registration process
· structured Finance
· national implementation
· scope
· employees rules
© CESR - Committee of European Securities Regulators
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CESR on CRAs 10_222.pdf
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