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Rating Agencies

19.10.2016
The European Commission adopted a Report taking stock of the current situation in the credit rating market and assessing the impact and effectiveness of a range of key provisions of the CRA Regulation : (i) on reducing over-reliance on credit ratings (including by assessing potential alternatives to external credit ratings), (ii) on good governance of credit rating activities (in particular by the prevention of conflict of interests and the use of alternative remuneration models) and (iii) on competition in the credit rating industry.
12.10.2016
Three implementing regulations on the mapping of credit ratings adopted by the European Commission were published in the Official Journal on 12 October 2016. These ITS map the ratings scales used by the CRAs authorised by ESMA with the credit quality steps defined in the calculation of the capital requirements for banks and insurance companies.
29.04.2016
Two studies relating to the Credit Rating Agencies Regulation (EU) Nr. 462/2013
23.10.2015
The European Commission adopted a Report addressed to the European Parliament and the Council on the feasibility of an EU creditworthiness assessment for sovereign debt.
06.01.2015
Three Delegated Regulations adopted by the European Commission last 30.09.2014 have been published in the Official Journal, setting out Regulatory Technical Standards needed to implement key provisions of the Regulation on Credit Rating Agencies. These technical standards set out:
  1. The disclosure requirements for issuers, originators and sponsors on structured finance instruments;
  2. Reporting requirements for credit rating agencies (CRAs) on fees charged by CRAs to their clients;
  3. Reporting requirements to CRAs for the European Rating Platform
05.01.2015
Call for Tender MARKT/2014/257/F for a study on the feasibility of alternatives to credit ratings and the state of the credit rating market has been launched.
18.12.2014
The European Commission adopted a Report addressed to the European Parliament and the Council on the exercise of the delegated powers under the Regulation on credit rating agencies.
12.12.2014
An updated list of registered and certified credit rating agencies is published by the European Securities and Markets Authority (ESMA)
06.12.2014
An updated list of registered and certified credit rating agencies is published by the European Securities and Markets Authority (ESMA)
16.05.2014
Response to the Financial Stability Board (FSB) request for action plans to reduce reliance on Credit Rating Agency Ratings.
05.05.2014
The Commission adopted today a report addressed to the European Parliament and the Council on the feasibility of a network of smaller credit rating agencies in the EU.
28.04.2014
Commission adopts implementing decisions on the recognition of the legal and supervisory framework of five jurisdictions as equivalent to the requirements of Regulation (EC) No 1060/2009 of the European Parliament and of the Council on credit rating agencies.
02.07.2013 – Roundtable with SME credit rating agencies
On 2 July 2013 the Commission organised a roundtable with small and medium sized credit rating agencies
01.07.2013
An updated list of registered and certified credit rating agencies is published by the European Securities and Markets Authority (ESMA)
20.06.2013 – New legislation on credit rating agencies enters into force
In November 2011 the Commission put forward proposals to reinforce the regulatory framework on credit rating agencies and deal with outstanding weaknesses (see below). The new rules were published in the Official Journal of the European Union on 31 May 2013 and will enter into force on 20 June 2013.
20.03.2013
An updated list of registered and certified credit rating agencies is published by the European Securities and Markets Authority (ESMA)
16.01.2013
New rules on when and how credit rating agencies may rate state debts and private firms’ financial health were approved on 16.01.2013 by the European Parliament. They will allow agencies to issue unsolicited sovereign debt ratings only on set dates, and enable private investors to sue them for negligence
16.10.2012
Commission Delegated Regulation (EU) No 946/2012 of 12 July 2012pdf supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with regard to rules of procedure on fines imposed to credit rating agencies by the European Securities and Markets Authority, including rules on the right of defence and temporal provisions
05.10.2012
Commission adopts a Decision on the recognition of the legal and supervisory framework of the USpdf, Canadapdf and Australiapdf as equivalent to the requirements of Regulation (EC) No 1060/2009 of the European Parliament and of the Council on credit rating agencies
30.05.2012
Publication of the first regulatory technical standards on credit rating agencies (CRAs)
On 30 May 2012, four Commission Delegated Regulations establishing regulatory technical standards for credit rating agencies have been published in the Official Journal of the European Union. These technical standards set out: (i) the information to be provided by a credit rating agency in its application for registration to the European Securities and Markets Authority (ESMA); (ii) the presentation of the information to be disclosed by credit rating agencies in a central repository (CEREP) so investors can compare the performance of different CRAs in different rating segments; (iii) how ESMA will assess rating methodologies; and (iiii) the information CRAs have to submit to ESMA and at what time intervals in order to supervise compliance. The four standards, which complement the current European regulatory framework for credit rating agencies, were developed by the European Securities and Markets Authority (ESMA) and endorsed by the European Commission on 21 March. The regulatory technical standards will ensure a level playing field, transparency and adequate protection of investors across the Union and contribute to the creation of a single rulebook for financial services
02.04.2012
Credit rating agencies will start paying fees for their supervision (MEX/12/0402)
28.03.2012
Commission Delegated Regulation (EU) No 272/2012 of 7 February 2012 supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with regard to fees charged by the European Securities and Markets Authority to credit rating agencies
06.01.2012
An updated list of registered and certified credit rating agencies is published by the European Securities and Markets Authority (ESMA)
15.11.2011
Commission adopts new proposals on credit rating agencies
06.07.2011
Roundtable on rating agencies – Summarypdf(28 KB) Choose translations of the previous link 
06.06.2011
List of credit rating agenciespdf(19 KB) Choose translations of the previous link 
11.05.2011
Regulation (EU) No 513/2011 of the European Parliament and of the Council of 11 May 2011 amending Regulation (EC) No 1060/2009 on credit rating agencies
05.11.2010
Consultation on Credit Rating Agencies (CRAs), new initiatives
28.09.2010
Commission adopts a Decision on the recognition of the legal and supervisory framework of Japan as equivalent to the requirements of Regulation (EC) No 1060/2009 of the European Parliament and of the Council on credit rating agencies
02.06.2010
Commission adopts proposal to amend Regulation (EC) No 1060/2009 of the European Parliament and of the Council on credit rating agencies
29.12.2009
Corrigendum to Regulation (EC) No 1060/2009pdf of the European Parliament and of the Council of 16 September 2009 on credit rating agencies
17.11.2009
Regulation (EC) No 1060/2009 of the European Parliament and of the Council on credit rating agencies
12.06.2009
The Commission services publish a mandate to the Committee of European Securities Regulators for technical advice on the equivalence between certain third country legal and supervisory frameworks and the EU Regulatory regime for credit rating agencies
12.11.2008
Commission adopts proposal to regulate credit rating agencies
31.07.2008
Consultation on policy proposals regarding credit rating agencies
02.07.2008
CESR’s Second Report to the European Commission on the compliance of credit rating agencies with the IOSCO Code and The role of credit rating agencies in Structured finance
04.06.2008
The Role of Credit Rating Agencies
10.01.2007
Commission welcomes EU regulators’ report on credit rating agencies
09.01.2006
The Commission has adopted a Communication on 23 December 2005 setting out its approach on credit rating agencies
27.07.2004
Call to the Committee of European Securities Regulators (CESR) for Technical Advice on possible measures concerning Credit Rating Agencies