Industry News

EC publishes proposal on CRA III

Following yesterday's press conference by Commissioner Barnier announcing the new proposal on Credit Rating Agencies (CRA III), the EU Commission released today the text of the proposal:

Proposal for a regulation on CRA III

proposal for a directive amending UCITS and AIFM directives

EP adopts Report on Credit Rating Agencies

During today's voting session of the European Parliament, the report on "Credit Rating Agencies: Future perspectives" prepared by MEP Dr. Klinz (ALDE, Germany) including the latest amendments was adopted. The text of the report is available at the EP website: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&reference=A7-2011-0081&language=EN

SEC consults on NRSRO dislcosure requirements

Under the SEC’s proposal, NRSROs would be required to:

ESMA issues guidance on endorsement of third country ratings

ESMA published its guidelines regarding the endorsement of ratings issued third countries (Par 40 to 44 of enclosed document):

40. ESMA acknowledges the concerns raised by the markets participants in respect of the application of the endorsement regime. However, ESMA points out that the requirements of Article 4 (3) have not been modified by the amendment of the Regulation and that the entry into force of sub-paragraphs (f), (g) and (h) of Article 4 (3) remains 7 June 2011.

ESMA advises EC on CRA Supervisory fee's

On May 17th, ESMA published its technical advice to the European Commission regarding Supervisory Fee's for CRAs. You may download the document at ESMA's website directly here: http://www.esma.europa.eu/popup2.php?id=7586

 

ESMA annouces composition of Stakeholder Group

ESMA announced the composition of the its Stakeholder Group.

ECB publishes repsonse to CRA consultation.

EC launches Consultancy on CRAs

The EU Commission has published today a public consultation on Credit Rating Agencies. The consultation is running until January 7th, 2010. We kindly invite all stakeholder to provide a feed-back to the EU Commission. This will alllow for a broad discussion of all topics at hand and allow for the right legislative options in 2011.

IMF's GFSR addresses Sovereign Ratings

The International Monetary Fund's bi-annual Global Financial Stability Report addresses Sovereigns, Funding and Systemic Liquidity. In Section III, entitled "the Uses and Abuses of Sovereign Credit Ratings", the IMF studies the performance of Sovereign ratings and mentions that these proved to work properly well (attached is this section of the report).

CESR publishes feed-back on enforcement practices

In accordance with art. 21.3(a) of the EU Regulation on Credit Rating Agencies (related to the role of CESR) the Committee of European Securities Regulators provided final Guidance on "the registration process and coordination arrangements between competent authorities and with CESR, including on the information set out in Annex II, and language regime for applications submitted to CESR". Read more on CESR Website...

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