ESMA: Consultation on ESMA’s Guidelines on the application of the endorsement regime under Article 4 (3) of the Credit Rating Regulation 1060/2009

March 18, 2011

In June 2010 CESR issued Guidance on the Registration Process and related issues, as required by article 21.2 of the EU Regulation on credit rating agencies. CESR's Guidance also dealt with the endorsement regime established to allow the distribution and the use for regulatory purposes of credit ratings issued in third countries.

After the discussion by the EU Parliament and the Council on the revised Regulation on Credit Rating Agencies (CRAs), this new Regulation was agreed in December 2010 and will be published in the following weeks.

The Consultation Paper presents ESMA's interpretation of Article 4.3 of the Regulation, and asks market participants to provide comments on the content.