PRESS RELEASE Today the European Commission has unveiled its long-awaited proposal on Credit Rating Agencies (CRAs). This proposal is the third round of legislation on CRAs since 2008 and has to be seen within the current context of the sovereign debt crisis. Whereas an objective of the proposal is to increase competition in the rating […]
IOSCO launched a public consutlancy on "Regulatory Implementation of the Statement of Principles Regarding the Activities of Credit Rating Agencies". The pricniples included the quality and integrity in the rating process, independence and avoidance of conflict of interest, transparency and timeliness of rating disclosure, confidential information. The document provides a high-level review on how these […]
EACRA publishes its comments and concerns with reference to ISO Draft International Standard ISO/DIS 10674 on Rating Services – Assessment of creditworthiness of non-listed entities.
In July, CESR launched a public consultation with respect a Pan-European Access to Financial Information disclosed by Stock Listed Companies. Currently, stock listed companies report information only at national level and no European access to the information is avalailable. Please find below the answer from our Association
As a follow-up on the new US Financial legislation, the US Department of the Treasury, the Federal Reserve System and the US Federal Deposit Insurance Corporate have issued an Advance Notice of Proposed Rulemaking Regarding Alternatives to the Use of Credit Ratings Agencies in the Risk-Based Capital Guidelines of the Federal Banking Agencies. Please find […]
EACRA publishes its comments and concerns regarding the consultation process based on Basel Committee on Banking Supervision's document 'Strengthening the resilience of the banking sector', focused on section 'Addressing reliance on external credit ratings and minimising cliff effects'
EACRA publishes its views and comments with reference to CEBS Consultation Paper No. 37 on CEBS draft revised guidelines on the recognition of ECAIs.
The “Friedrich Naumann Stiftung für die Freiheit” organized a workshop near Cologne on “Europäische Ratingagentur: was hat der Mittelstand davon?”(freely translated: “European Rating Agency: what are the benefits to the German Mittelstand?”). The workshop gathered nearly all German players in the rating market (11 companies have requested registration as Credit Rating Agencies in Germany), politicians, […]
The OECD Financial Roundtable (which gathers representatives of Central Banks and Ministries of Finance), held on October 7th in Paris, discussed with market participants “Sovereign Debt Challlgenges for Banking Systems and Bond Markets”. This high-level discussion was organized around three sections: The first related to “Current outlook and risks, capital flows and global rebalancing”, the second […]
On Friday October 1st, 2010, the informal Council on Economic and Financial Affairs (ECOFIN) discussed Credit Rating Agencies. Next to S&P, Moody’s and FitchRatings, EACRA was invited. Each had a 5 minutes slot to present their views on the on-going legislative measures in the field of CRAs.