ESMA Approves Credit Ratings From Brazil For Use In The EU

ESMA today announces that it considers the regulatory framework for credit rating agencies (CRAs) of Brazil to be in line with European Union rules. This allows European financial institutions to continue using credit ratings issued in Brazil for regulatory purposes after 30 April 2012.

In order to facilitate the exchange of regulatory information, and as a precondition to endorsement, ESMA has also entered into a co-operation agreement for the supervision of CRAs with the Securities and Exchange Commission of Brazil (Comissão de Valores Mobiliários – CVM).