CESR Launches A Fact Finding Exercise Of The Use In The European Union Of Ratings Issued By Third Countries CRAs

The EU Parliament has recently approved the Regulation on Credit Rating Agencies (CRAs). Although the text still needs to be formally adopted by the Council and is subject to jurist-linguistic revision, translation and publication in the official journal, the substance will arguably remain unchanged.

In the context of the Regulation, CESR has been mandated by the European Commission to provide it with advice on the equivalence of the regulatory (legal and supervisory) frameworks applied by certain third countries to the activities of credit rating agencies to the regulatory framework for credit rating agencies introduced in the Community by the CRA Regulation.

CESR invites all interested stakeholders, in particular third country regulators and CRAs as well as European users of ratings including their associations, to submit their views on which issues CESR should consider in its response to the fact finding request from the European Commission. Any comments should be submitted online, in the section Consultations, by 24 August 2009.

For further details, please see the Call for evidence.