European Supervision of CRAs: MEP Jean-Paul Gauzès denounced delays in legislation's implementation
11 May 2011
Gauzès stressed that while the main Pan-European agencies - prior to September 2010 and according to transitory measures - applied for registration by the competent national authority, none have been registered yet.
As the Regulation establishing a European supervision of Credit Rating Agencies is being officially signed today in the European Parliament, Jean-Paul Gauzès MEP, EP Rapporteur on this text, has criticised the delays in implementing the legislation.
In a letter to the President of the European Securities and Markets Authority (ESMA), Jean-Paul Gauzès MEP said: "It would be very difficult for our citizens to understand why, nearly two years after the first Regulation on Credit Rating Agencies was adopted, these Agencies are still not supervised at European level and, what is more, the transfer of the supervisory competence to ESMA has not been done within the time decided by the European legislator".
The EP Rapporteur calls on the President of ESMA to "take the necessary measures to put an end to this situation and to make sure that the main Credit Rating Agencies are effectively registered". He asks him "to make sure that the transfer to ESMA of these agencies' supervision is effective".
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