CESR Consultations on the EU CRA Regulation


In 2009, the European Union (“EU”) enacted legislation regulating credit rating agencies (“CRAs”) in order to address the criticisms raised during the financial crisis that highlighted certain issues arising from conflicts of interest and a lack of transparency in the ratings process.1

The EU Regulation on Credit Rating Agencies (the “CRA Regulation”) came into force on 7 December 2009, introducing new obligations on CRAs designed to improve the independence, quality and transparency of ratings.2 CRAs operating in the EU are subject to registration in order for their ratings to be used for regulatory purposes in the EU. Along with other EU member states, the United Kingdom (“UK”) has proceeded to implement the CRA Regulation by passing the UK Credit Rating Agencies Regulations 2010, which will come into effect 7 June 2010.3

Recently, however, CRAs have been back in the spotlight for their role in the ongoing sovereign debt crisis in the Eurozone, particularly in relation to their decision to downgrade the credit ratings of Greece, Portugal and Spain.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:


Morrison & Foerster LLP on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.