CESR calls for evidence on ratings issued by third countries CRAs in the EU

06 July 2009

CESR is interested in the third country CRAs planning to apply for External Credit Assessment Institution recognition, and the use of their ratings by EU financial entities and other relevant market participants. 

CESR has been mandated by the 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.

The Commission mandate consists of two parts:
 
(i) technical assistance for the assessment of the regulatory frameworks of Canada, Japan and the United States of America; and
(ii) a fact finding exercise to establish whether other additional jurisdictions should be assessed.
In particular, CESR is interested in obtaining information on the following:
 
- Third country CRAs planning to apply for External Credit Assessment Institution recognition under Directive 2006/49/EC on the capital adequacy of investment firms and credit institutions; and
 
- The use by EU financial entities and other relevant market participants of ratings issued by those third country CRAs.
 
The deadline for comments is 17 August 2009.
 
Call for evidence

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