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On 12 November 2008, the European Commission published a Draft Regulation on credit rating agencies (CRAs) . The amended version of this Regulation was approved on 23 April by the European Parliament . It is expected to enter into force by October 2009 and to apply by March 2010.
According to this Draft Regulation, CESR will be required to discharge important co-ordination and advisory functions alongside its traditional role of promoting convergence through Level 3 guidelines and recommendations.
The purpose of this consultation document is to seek comments on the conclusions CESR has drawn for setting common standards for presentation of historical and performance information and for the design of the potential output from the CRep. Comments are welcomed by 7 August. Please submit any comments through the Consultation section on CESR's website.
