In June 2010, CESR issued its Guidance on the Registration Process and related issues (CESR/Ref. 10-347), as required by article 21.2 of the EU Regulation (1060/2009/EC) on credit rating agencies. CESR’s Guidance has also dealt with the endorsement regime established to allow the distribution and the use for regulatory purposes in the Community of credit ratings issued in third countries. After the discussion by the EU Parliament and the Council on the revised Regulation on Credit Rating Agencies (CRAs), that modifies EU Regulation 1060/2009 on CRAs in order to empower ESMA with full responsibility for the supervision and enforcement of CRAs in Europe from the second half of 2011, this new Regulation was agreed in December 2010 and will be published in the following weeks.
ESMA will consider the feedback it receives to this consultation in April 2011 in order to adopt and publish final guidelines on endorsement by 7 June 2011.
Consultation paper
© ESMA
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