Consultation on (i) a draft Directive / Regulation with respect to the authorisation, operation and supervision of credit rating agencies (CRAs) and (ii) on policy options to address the problem of excessive reliance on credit ratings.
Policy field(s)
Internal market, Financial services, Securities and Investment Funds
Target group(s)
All citizens and organisations are welcome to contribute to this consultation. Contributions are particularly sought from users of credit ratings and in particular investors and their industry associations, other professional organisations in the field of financial markets, credit rating agencies and securities regulators.
Period of consultation
From 31.07.2008 to 05.09.2008
Objective of the consultation
The policy response currently being developed by the Commission is likely to involve a legislative framework for credit rating agencies comprising both a set of legal obligations to be complied with by CRAs as well as independent external oversight. Addressees of the rules proposed by the Commission will be all existing (and prospective) credit rating agencies with business operations having significant market impact in Europe. The proposed directive / regulation will aim to achieve the following objectives:
  • Appropriate management of conflicts of interest.
  • Improvements in quality of output.
  • Increased transparency of CRAs' activities.
  • Establishment of a supervisory and enforcement regime on the territory of the EU.

The Commission services also identify in broad terms the references made to ratings in the existing EU legislation and look for stakeholders' comments on possible approaches to tackle the problem of excessive reliance on ratings.

How to submit your contribution
View the consultation document
Proposal for a regulatory framework for CRAs PDFEnglish
Policy options to address the problem of excessive reliance on ratings PDFEnglish
Contact details
Responsible service : DG Internal Market and Services; Unit G3
E-mail : Markt-G3@ec.europa.eu
Postal address : Spa 2 03/079, B-1049 Brussels, Belgium
Reason why the consultation period is less than 8 weeks
It was not possible for Commission services to start the consultation period earlier given the fact that the advice of the Committee of European Securities Regulators (CESR) and the report of European Securities Markets Expert group (ESME) were delivered only in May and June this year respectively. These contributions had been prepared on the request of the Commission and offered the necessary basis for the Commission services' work in this area. Moreover, a substantial amount of time in the preparatory phase has been devoted to eventually unsuccessful attempts to create a self-regulatory solution for the CRA industry.

Neither is it possible to extend the consultation period later in September: in view of the forthcoming elections, the European Parliament has agreed with the European Commission to accept the Commission proposals to be dealt in co-decision only by October 2008 at the latest. This implies that the Commission services will need to launch and finalise an Interservice Consultation in September 2008 in order to meet this deadline. Commission services will compensate the short consultation period by individually encouraging important stakeholders (including regulators, Member States and the CRAs) to participate in the public consultation.

Number of responses received to this consultation
View the contributions

In the interests of transparency, organisations have been invited to provide the public with relevant information about themselves by registering in the Interest Representative Register and subscribing to its Code of Conduct. If the organisation is not registered, the submission is published separately from the registered organisations.

Results of consultation and next steps
Specific privacy statement PDFEnglish




Last update: 10.10.2011