On 31 May 2013, Regulation (EU) No 462/2013 (the “Amendment Regulation”) that further amends Regulation (EC) No 1060/2009 on credit rating agencies was published in the Official Journal. This was accompanied by a short Directive (the “Amendment Directive”) amending Directive 2003/41/EC on institutions for occupational retirement provision, Directive 2009/65/EC on undertakings for collective investment in transferable securities and the Alternative Investment Fund Managers Directive 2011/61/EU in respect of over-reliance on credit ratings.
The Amendment Regulation and Amendment Directive aim to address regulatory concerns related to the credit rating market, including over-reliance by investors and financial services firms on the risk assessments of investments provided by credit rating agencies, conflicts of interests that may affect these risk assessments and significant barriers to market entry by new credit rating agencies. However, the Amendment Regulation imposes new obligations not only on credit rating agencies but also on issuers, originators and sponsors in connection with structured finance instruments.
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