This Consultation Paper presents ESMA's proposed development of Article 8(3) of the EU Regulation (EC) No 1060/2009 in accordance with that mandate.
Article 21(4) of 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 requires ESMA to develop draft regulatory technical standards on the assessment of compliance of credit rating methodologies with the requirements set out in Article 8(3) of the EU Regulation.
The public and market participants are asked to provide comments by the 21 October 2011. Comments are particularly welcomed on the content of the attached Annex I and the attached Impact Assessment in Annex II.
ESMA will consider the feedback received on this consultation in October 2011 so that it is able to submit final regulatory technical standards for endorsement by the Commission by 2 January 2012.
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