|
|
In order to facilitate the exchange of regulatory information, and as a precondition to endorsement, ESMA has also entered into a cooperation agreement for the supervision of CRAs with the Securities and Exchange Commission of Brazil (Comissăo de Valores Mobiliários – CVM).
Majority of CRA non-EU regimes endorsed
Following the endorsement decisions already adopted by ESMA concerning Japan, the USA, Canada, Australia, Hong Kong, Singapore, Mexico and Argentina, the majority of non-EU issued credit ratings are now recognised by ESMA to be subject to EU-equivalent regulation.
However, there remain some jurisdictions whose legal framework does not currently meet EU requirements. From 30 April it will only be possible to use EU-endorsed ratings for regulatory purposes. ESMA advises European financial institutions to pay particular attention to whether the credit ratings issued outside the EU that they use are EU-endorsed ratings or not.