Christopher Bernard | Bloomberg LawESMA extends transitional period for use of non-EU credit ratings, Australian CRA regime endorsed – First binding standards on CRAs sent to European Commission – European Securities and Markets Authority Press Release ESMA/2011/460 of 22 Dec. 2011 The European Securities and Markets Authority (ESMA) has issued final Regulatory Technical Standards (RTS) for credit rating agencies (CRAs) operating in the EU.1 The RTS cover the information that CRAs must provide when applying for registration and certification and on an ongoing basis, as well as the rules that ESMA will use to assess the credit rating methodologies used by CRAs. The final RTS reflect comments received by ESMA on drafts published in September 20112 and have now been sent to the European Commission for endorsement. ESMA has also extended the initial three-month transitional period for credit ratings issued outside the EU. Credit ratings issued in non-EU countries may now continue to be used in the EU until 30 April 2012, giving ESMA more time to assess which third country regulatory frameworks it should endorse. To date, only the credit rating regimes of Japan and Australia have been approved.
The CRA Regulation
The Regulatory Technical Standards
Permitted Use of Non-EU Ratings
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