Eacra Activities

EACRA calls for a more proportionate approach in regulating credit rating agencies

PRESS RELEASE Today the European Commission has unveiled its long-awaited proposal on Credit Rating Agencies (CRAs). This proposal is the third round of legislation on CRAs since 2008 and has to be seen within the current context of the sovereign debt crisis.

EACRAs response to the EC Consultancy on CRA

Please find attached the repsonse of our association to the European Commission's Consultancy on Credit Rating Agencies launched on Novermber 5th, 2010

Cerved joins EACRA

Cerved Group is a leader in Italy in the sector of business information and in the development of credit risk assessment models providing support for companies and financial institutions. It serves over 30,000 clients distributed throughout Italy. The credit rating activity involves the issue of unsolicited ratings on non-financial companies. The ratings are produced both for regulatory purposes, upon the request of banks, and for the assessment of commercial counterparts upon the request of non-financial clients.

EACRA repsonse to US Federal Reserve on Alternatives to Ratings

  As a follow-up on the new US Financial legislation, the US Department of the Treasury, the Federal Reserve System and the US Federal Deposit Insurance Corporate have issued an Advance Notice of Proposed Rulemaking Regarding Alternatives to the Use of Credit Ratings Agencies in the Risk-Based Capital Guidelines of the Federal Banking Agencies. Please find below the response from our association:

EACRA attends German Conference on European Rating Agency

The "Friedrich Naumann Stiftung für die Freiheit" organized a workshop near Cologne on "Europäische Ratingagentur: was hat der Mittelstand davon?"(freely translated: "European Rating Agency: what are the benefits to the German Mittelstand?").

The workshop gathered nearly all German players in the rating market (11 companies have requested registration as Credit Rating Agencies in Germany), politicians, academcis, rating advisors in order to discuss the many aspects relating to Credit Rating Agencies.

More information is available in the Member's section.

EACRA attends OECD Financial Roundtable

The OECD Financial Roundtable (which gathers representatives of Central Banks and Ministries of Finance), held on October 7th in Paris, discussed with market participants "Sovereign Debt Challlgenges for Banking Systems and Bond Markets".

This high-level discussion was organized around three sections: The first related to "Current outlook and risks, capital flows and global rebalancing", the second section dealt with "Sovereign risks: measurement, rating and policy responses" and the last with the "Challenges for the banking sector".

EACRA addresses ECOFIN

On Friday October 1st, 2010, the informal Council on Economic and Financial Affairs (ECOFIN) discussed Credit Rating Agencies. Next to S&P, Moody’s and FitchRatings, EACRA was invited. Each had a 5 minutes slot to present their views on the on-going legislative measures in the field of CRAs.

For more information, please refer to our Members section.

EACRAs response to CESR on Pan-European Access to Financial Information

  In July, CESR launched a public consultation with respect a Pan-European Access to Financial Information disclosed by Stock Listed Companies. Currently, stock listed companies report information only at national level and no European access to the information is avalailable. Please find below the answer from our Association

CRIF joins EACRA

CRIF is a global company that, in addition to the traditional services of information and scoring, started last year a professional activity aimed to issue unsolicited ratings to Italian companies.

Founded in 1988 in Bologna, Italy, CRIF is currently the market leader in continental Europe in the field of banking credit information and one of the main international players for business & commercial information and scoring & decision support services.

EACRA response to IOSCO Consultancy on Principles Regarding the Activities of Credit Rating

IOSCO launched a public consutlancy on "Regulatory Implementation of the Statement of Principles Regarding the Activities of Credit Rating Agencies". The pricniples included the quality and integrity in the rating process, independence and avoidance of conflict of interest, transparency and timeliness of rating disclosure, confidential information. The document provides a high-level review on how these principles were implemented in different legislation.

Find here EACRA's response to this consultancy

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