Tag Archives: Credit Rating Agencies

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In 2009, the European Parliament and the Council adopted a regulation on Credit Rating Agencies and some provisions only became applicable in December 2010. Nevertheless, last June, the European Commission put forward a proposal amending the regulation on credit rating agencies. The Commission has decided to revise the regulation “in order to introduce centralised oversight of credit rating agencies operating in the EU.” Hence, the European Securities and Markets Authority (ESMA), the new European supervisory authority would take over from national authorities. In fact, the draft regulation provides very broad powers for the ESMA.

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