On 12 November 2008 the European Commission published a draft Regulation (EC) 1060/2009 on credit rating agencies (CRAs), whose amended version was approved on 23 April 2009 by the European Parliament and on 27 July 2009 by the Council. The Regulation was signed on September 16 and entered into force on 7 December 2009.
Consequently, CRAs that wish to operate in the Community must apply for registration under the terms of the Regulation and comply, at all times, with the organizational, operational, procedural and disclosure requirements set out in its Annex I.
CESR is publishing this annual report in accordance with article 21(4) of Regulation (EC) 1060/2009, in order to provide information to the public about the application of the Regulation in the EU and, in particular, to comment on the implementation of the requirements established in Annex I of the Regulation by the credit rating agencies. This is the first annual report published by CESR in the fulfilment of its obligations under article 21.