published by Thomas Missong on Wed, 16/11/2011 - 10:26
published by Thomas Missong on Wed, 08/06/2011 - 12:23
published by Thomas Missong on Tue, 07/06/2011 - 18:04
The EC will hold upfront to its legislative proposal (due in September 2011) a Roundtable on CRAs on July 6th, 2011 in Brussels. The meeting will be chaired by the Deputy Director General of DG Market, Ms Nadia Calvino and will be followed by a presentation by MEP Dr. Klinz. Topics on the agenda are 1) overreliance on CRAs, 2) Sovereign Debt Ratings, 3) Enhance competition in the CRA industry, 4) Conflicts of interest under the Issuer-pays model, 5) Civil liability. Attached is the full programme.
published by Thomas Missong on Fri, 27/05/2011 - 00:00
Given the amendments in the CRA II Regulation, ESMA is updating one CRA guidelines „Assessment of Rating Methodologies“ (Art 8.3) and preparing for a second guidance on „the regular reporting requirements“ (Art 21.3.e). Both calls for evidence are running until June 20th, 2011. Based on the feed-back received, ESMA will launch a public consultancy and thereafter adopt a regulatory technical standard (RTS) for endorsement by the Commission.
published by Thomas Missong on Fri, 27/05/2011 - 00:00
Given the amendments in the CRA II Regulation, ESMA is updating one CRA guidelines „Assessment of Rating Methodologies“ (Art 8.3) and preparing for a second guidance on „the regular reporting requirements“ (Art 21.3.e). Both calls for evidence are running until June 20th, 2011. Based on the feed-back received, ESMA will launch a public consultancy and thereafter adopt a regulatory technical standard (RTS) for endorsement by the Commission.
published by Thomas Missong on Fri, 20/05/2011 - 12:08
The Act also requires the SEC to study the feasibility of establishing a system in which a public or private utility or a self-regulatory organization assigns NRSROs to determine the credit ratings for structured finance products. In addition, the study must address the range of metrics that could be used to determine the accuracy of credit ratings for structured finance products and alternative means for compensating NRSROs that would create incentives for accurate credit ratings for structured finance products.
published by Thomas Missong on Fri, 20/05/2011 - 11:05
Under the SEC’s proposal, NRSROs would be required to:
published by Thomas Missong on Thu, 19/05/2011 - 15:11
ESMA published its guidelines regarding the endorsement of ratings issued third countries (Par 40 to 44 of enclosed document):
40. ESMA acknowledges the concerns raised by the markets participants in respect of the application of the endorsement regime. However, ESMA points out that the requirements of Article 4 (3) have not been modified by the amendment of the Regulation and that the entry into force of sub-paragraphs (f), (g) and (h) of Article 4 (3) remains 7 June 2011.
published by Thomas Missong on Thu, 19/05/2011 - 11:08
On May 17th, ESMA published its technical advice to the European Commission regarding Supervisory Fee's for CRAs. You may download the document at ESMA's website directly here: http://www.esma.europa.eu/popup2.php?id=7586
published by Thomas Missong on Wed, 18/05/2011 - 00:00
ESMA announced the composition of the its Stakeholder Group.
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