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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)