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On 12 November 2008, the European Commission published a Draft Regulation on credit rating agencies (CRAs). The amended version of this Regulation was approved on 23 April 2009 by the European Parliament2. The jurist linguistic revision took place and the European Council approved the document on the 27 July 2009. The European Council signed the Regulation on the 16th September 2009. It is expected to enter into force 20 days after it will be officially published in the Journal Official of European Commission by November 2009 and to apply by May 2010.
The purpose of this consultation document is to seek comments on the conclusions CESR has drawn for setting guidelines for the registration process, the functioning of colleges, the mediation protocol, the common standards on presentation of information for registration and endorsement (Annex II) and the information for the application of certification and for the assessment for CRAs systemic importance.
The Deadline for comments is 30 November 2009.