COM(2008)704 - Credit Rating Agencies

Please note

This page contains a limited version of this dossier in the EU Monitor.

Contents

  1. Key information
  2. Key dates
  3. Related information
  4. Resulting legislation
  5. Full version
  6. EU Monitor

1.

Key information

official title

Proposal for a Regulation of the European Parliament and of the Council on Credit Rating Agencies
 
Legal instrument Regulation
Decision making procedure ordinary legislative procedure (COD)
reference by COM-number123 COM(2008)704 EN
Additional COM-numbers SEC(2008)2746; SEC(2008)2745
procedure number125 2008/0217(COD)
CELEX number126 52008PC0704

2.

Key dates

Document 12-11-2008
Online publication 12-11-2008
Decision 16-09-2009; Verordening 2009/1060
Publication in Official Journal127 17-11-2009; Special edition in Croatian: Chapter 06 Volume 004,OJ L 302, 17.11.2009

3.

Related information

4.

Resulting legislation

 

5.

Full version

This page is also available in a full version containing the latest state of affairs, the summary of the European Parliament Legislative Observatory, the legal basis, the legal context, other dossiers related to the dossier at hand, the stakeholders involved (e.g. European Commission directorates-general, European Parliament committees, Council configurations and even individual EU Commissioners and Members of the European Parliament) and finally documents of the European Parliament, the Council of Ministers and the European Commission.

The full version is available for registered users of the EU Monitor by ANP and PDC Informatie Architectuur.

6.

EU Monitor

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  • 1. 
    Communication from the Commission on Credit Rating Agencies, OJ C 59, 11.3.2006, p. 2 (eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2006:059:0002:0006:EN:PDF).

     
  • 2. 
    Code of conduct fundamentals for CRAs (revised May 2008)www.iosco.org/library/pubdocs/pdf/IOSCOPD271.pdf.

     
  • 3. 
    The CESR is an independent advisory group to the European Commission composed of the national supervisors of EU securities markets; see Commission Decision of 6 June 2001, establishing the Committee of European Securities Regulators, 2001/527/EC (OJ L191, 13.7.2001, p. 43). The role of the CESR is to improve coordination among securities regulators, advise the European Commission and ensure more consistent and timely day-to-day implementation of Community legislation in the Member States.

     
  • 4. 
    www.consilium.europa.eu/ueDocs/cms_Data/docs

     
  • 5. 
    The European Securities Markets Experts Group (ESME) is an advisory body to the Commission, composed of securities markets practitioners and experts set up by the Commission in April 2006 and governed by Commission Decision 2006/288/EC of 30 March 2006 setting up a European Securities Markets Expert Group to provide legal and economic advice on the application of the EU securities Directives (OJ L 106, 19.4.2006, p. 14).

     
  • 6. 
    Code of conduct fundamentals for CRAs (revised May 2008)www.iosco.org/library/pubdocs/pdf/IOSCOPD271.pdf.

     
  • 7. 
    Report of the FSF on Enhancing Market and Institutional Resilience , 7 April 2008 www.fsforum.org/publications/r_0804.pdf.

     
  • 8. 
    CGFS Papers No 32: Ratings in structured finance: What went wrong and what can be done to address short comings? July 2008, www.bis.org/publ/cgfs32.pdf?noframes=1.

     
  • 9. 
    For example, Standards and
     
  • 10. 
    The US Credit Rating Agency Reform Act of 2006 entered into force on 27 June 2007 establishing a legal framework for the registration of NRSRO (Nationally Recognized Statistical Rating Organizations).

     
  • 11. 
    Commission Directive 2003/125/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and the Council as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest (OJ L 339 24.12.2003, p. 73).

     
  • 12. 
    Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (OJ L 96, 12.4.2003, p. 16).

     
  • 13. 
    Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast) (OJ L 177, 30.6.2006. p. 1).

     
  • 14. 
    Guidelines on the recognition of External Credit Assessment Institutions of 20 January 2006 (GL07), www.c-ebs.org/formupload/41

     
  • 15. 
    ec.europa.eu/internal_market/consultations/2008

     
  • 16. 
    A total number of 82 replies were received. The answers were published at: -->
     
  • 17. 
    The extent to which the measure fulfils the objectives referred to in section 1.1.

     
  • 18. 
    The extent to which the framework for operation of credit rating agencies is governed by the same requirements in all Member States.

     
  • 19. 
    The extent to which the respective policy option facilitates the operation of CRAs across the Member States. Flexibility also affects the costs incurred by credit rating agencies.

     
  • 20. 
    Code of conduct fundamentals for CRAs (revised May 2008)www.iosco.org/library/pubdocs/pdf/IOSCOPD271.pdf.

     
  • 21. 
    The CESR is an independent advisory group to the European Commission composed of the national supervisors of EU securities markets; see Commission Decision of 6 June 2001, establishing the Committee of European Securities Regulators, 2001/527/EC (OJ L191, 13.7.2001, p. 43). The role of the CESR is to improve coordination among securities regulators, advise the European Commission and ensure more consistent and timely day-to-day implementation of Community legislation in the Member States.

     
  • 22. 
    See Article 6(5).

     
  • 23. 
    Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission (OJ L 184, 17.7.1999, p. 23) as amended by Council Decision 2006/512/EC of 17 July 2006 (OJ L 200, 22.7.2006, p. 11).

     
  • 24. 
    OJ C , , p. .

     
  • 25. 
    OJ C , , p. .

     
  • 26. 
    OJ L 96, 12.4.2003, p. 16.

     
  • 27. 
    OJ L 177, 30.6.2006, p. 201.

     
  • 28. 
    OJ C 59, 11.3.2006, p. 2.

     
  • 29. 
    OJ L 52, 25.2.2005, p. 51.

     
  • 30. 
    OJ L 281, 23.11.1995, p. 31.

     
  • 31. 
    OJ L184, 17.7.1999, p. 23.

     
  • 32. 
    OJ L 145, 30.4.2004, p.1.

     
  • 33. 
    OJ L 228, 16.8.1973, p. 3.

     
  • 34. 
    OJ L 345, 19.12.2002, p. 1.

     
  • 35. 
    OJ L 323, 9.12.2005, p. 1.

     
  • 36. 
    OJ L 235, 23.9.2003, p. 10.

     
  • 37. 
    OJ L 193, 18.7.1983, p. 1.

     
  • 38. 
    OJ L 235, 23.9.2003, p. 10.

     
  • 39. 
    OJ L 193, 18.7.1983, p. 1.

     
  • 40. 
    Communication from the Commission on Credit Rating Agencies, OJ C 59, 11.3.2006, p. 2 (eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2006:059:0002:0006:EN:PDF).

     
  • 41. 
    The CESR is an independent advisory group to the European Commission composed of the national supervisors of EU securities markets; see Commission Decision of 6 June 2001, establishing the Committee of European Securities Regulators, 2001/527/EC (OJ L191, 13.7.2001, p. 43). The role of the CESR is to improve coordination among securities regulators, advise the European Commission and ensure more consistent and timely day-to-day implementation of Community legislation in the Member States.

     
  • 42. 
    OJ L 339, 24.12.2003, p. 73.

     
  • 43. 
    The CESR is an independent advisory group to the European Commission composed of the national supervisors of EU securities markets; see Commission Decision of 6 June 2001, establishing the Committee of European Securities Regulators, 2001/527/EC (OJ L191, 13.7.2001, p. 43). The role of the CESR is to improve coordination among securities regulators, advise the European Commission and ensure more consistent and timely day-to-day implementation of Community legislation in the Member States.

     
  • 44. 
    The European Securities Markets Experts Group (ESME) is an advisory body to the Commission, composed of securities markets practitioners and experts set up by the Commission in April 2006 and governed by Commission Decision 2006/288/EC of 30 March 2006 setting up a European Securities Markets Expert Group to provide legal and economic advice on the application of the EU securities Directives (OJ L 106, 19.4.2006, p. 14).

     
  • 45. 
    Code of conduct fundamentals for CRAs (revised May 2008)www.iosco.org/library/pubdocs/pdf/IOSCOPD271.pdf.

     
  • 46. 
    OJ L 3, 7.1.2004, p. 28.

     
  • 47. 
    OJ L 3, 7.1.2004, p. 30.

     
  • 48. 
    Communication from the Commission on Credit Rating Agencies, OJ C 59, 11.3.2006, p. 2 (eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2006:059:0002:0006:EN:PDF).

     
  • 49. 
    The CESR is an independent advisory group to the European Commission composed of the national supervisors of EU securities markets; see Commission Decision of 6 June 2001, establishing the Committee of European Securities Regulators, 2001/527/EC (OJ L191, 13.7.2001, p. 43). The role of the CESR is to improve coordination among securities regulators, advise the European Commission and ensure more consistent and timely day-to-day implementation of Community legislation in the Member States.

     
  • 50. 
    The CESR is an independent advisory group to the European Commission composed of the national supervisors of EU securities markets; see Commission Decision of 6 June 2001, establishing the Committee of European Securities Regulators, 2001/527/EC (OJ L191, 13.7.2001, p. 43). The role of the CESR is to improve coordination among securities regulators, advise the European Commission and ensure more consistent and timely day-to-day implementation of Community legislation in the Member States.

     
  • 51. 
    Code of conduct fundamentals for CRAs (revised May 2008)www.iosco.org/library/pubdocs/pdf/IOSCOPD271.pdf.

     
  • 52. 
    OJ L 191, 13.7.2001, p.45.

     
  • 53. 
    Communication from the Commission on Credit Rating Agencies, OJ C 59, 11.3.2006, p. 2 (eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2006:059:0002:0006:EN:PDF).

     
  • 54. 
    www.consilium.europa.eu/ueDocs/cms_Data/docs

     
  • 55. 
    For example, Standards and
     
  • 56. 
    OJ L 241, 2.9.2006, p. 26.

     
  • 57. 
    OJ L 162, 30.4.2004, p. 70.

     
  • 58. 
    OJ L 390, 31.12.2004, p. 38

     
  • 59. 
    Communication from the Commission on Credit Rating Agencies, OJ C 59, 11.3.2006, p. 2 (eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2006:059:0002:0006:EN:PDF).

     
  • 60. 
    OJ L 222, 14.8.1978, p. 11.

     
  • 61. 
    OJ L 142, 30.4.2004, p. 12.

     
  • 62. 
    Communication from the Commission on Credit Rating Agencies, OJ C 59, 11.3.2006, p. 2 (eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2006:059:0002:0006:EN:PDF).

     
  • 63. 
    Code of conduct fundamentals for CRAs (revised May 2008)www.iosco.org/library/pubdocs/pdf/IOSCOPD271.pdf.

     
  • 64. 
    The CESR is an independent advisory group to the European Commission composed of the national supervisors of EU securities markets; see Commission Decision of 6 June 2001, establishing the Committee of European Securities Regulators, 2001/527/EC (OJ L191, 13.7.2001, p. 43). The role of the CESR is to improve coordination among securities regulators, advise the European Commission and ensure more consistent and timely day-to-day implementation of Community legislation in the Member States.

     
  • 65. 
    www.consilium.europa.eu/ueDocs/cms_Data/docs

     
  • 66. 
    The European Securities Markets Experts Group (ESME) is an advisory body to the Commission, composed of securities markets practitioners and experts set up by the Commission in April 2006 and governed by Commission Decision 2006/288/EC of 30 March 2006 setting up a European Securities Markets Expert Group to provide legal and economic advice on the application of the EU securities Directives (OJ L 106, 19.4.2006, p. 14).

     
  • 67. 
    Code of conduct fundamentals for CRAs (revised May 2008)www.iosco.org/library/pubdocs/pdf/IOSCOPD271.pdf.

     
  • 68. 
    Report of the FSF on Enhancing Market and Institutional Resilience , 7 April 2008 www.fsforum.org/publications/r_0804.pdf.

     
  • 69. 
    CGFS Papers No 32: Ratings in structured finance: What went wrong and what can be done to address short comings? July 2008, www.bis.org/publ/cgfs32.pdf?noframes=1.

     
  • 70. 
    For example, Standards and
     
  • 71. 
    The US Credit Rating Agency Reform Act of 2006 entered into force on 27 June 2007 establishing a legal framework for the registration of NRSRO (Nationally Recognized Statistical Rating Organizations).

     
  • 72. 
    Commission Directive 2003/125/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and the Council as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest (OJ L 339 24.12.2003, p. 73).

     
  • 73. 
    Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (OJ L 96, 12.4.2003, p. 16).

     
  • 74. 
    Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast) (OJ L 177, 30.6.2006. p.

    1).

     
  • 75. 
    Guidelines on the recognition of External Credit Assessment Institutions of 20 January 2006 (GL07), www.c-ebs.org/formupload/41

     
  • 76. 
    ec.europa.eu/internal_market/consultations/2008

     
  • 77. 
    A total number of 82 replies were received. The answers were published at: -->
     
  • 78. 
    The extent to which the measure fulfils the objectives referred to in section 1.1.

     
  • 79. 
    The extent to which the framework for operation of credit rating agencies is governed by the same requirements in all Member States.

     
  • 80. 
    The extent to which the respective policy option facilitates the operation of CRAs across the Member States. Flexibility also affects the costs incurred by credit rating agencies.

     
  • 81. 
    Code of conduct fundamentals for CRAs (revised May 2008)www.iosco.org/library/pubdocs/pdf/IOSCOPD271.pdf.

     
  • 82. 
    The CESR is an independent advisory group to the European Commission composed of the national supervisors of EU securities markets; see Commission Decision of 6 June 2001, establishing the Committee of European Securities Regulators, 2001/527/EC (OJ L191, 13.7.2001, p. 43). The role of the CESR is to improve coordination among securities regulators, advise the European Commission and ensure more consistent and timely day-to-day implementation of Community legislation in the Member States.

     
  • 83. 
    See Article 6(5).

     
  • 84. 
    Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission (OJ L 184, 17.7.1999, p. 23) as amended by Council Decision 2006/512/EC of 17 July 2006 (OJ L 200, 22.7.2006, p. 11).

     
  • 85. 
    OJ C , , p. .

     
  • 86. 
    OJ C , , p. .

     
  • 87. 
    OJ L 96, 12.4.2003, p. 16.

     
  • 88. 
    OJ L 177, 30.6.2006, p. 201.

     
  • 89. 
    OJ C 59, 11.3.2006, p. 2.

     
  • 90. 
    OJ L 52, 25.2.2005, p. 51.

     
  • 91. 
    OJ L 281, 23.11.1995, p. 31.

     
  • 92. 
    OJ L184, 17.7.1999, p. 23.

     
  • 93. 
    OJ L 145, 30.4.2004, p.1.

     
  • 94. 
    OJ L 228, 16.8.1973, p. 3.

     
  • 95. 
    OJ L 345, 19.12.2002, p. 1.

     
  • 96. 
    OJ L 323, 9.12.2005, p. 1.

     
  • 97. 
    OJ L 235, 23.9.2003, p. 10.

     
  • 98. 
    OJ L 193, 18.7.1983, p. 1.

     
  • 99. 
    OJ L 235, 23.9.2003, p. 10.

     
  • 100. 
    OJ L 193, 18.7.1983, p. 1.

     
  • 101. 
    Communication from the Commission on Credit Rating Agencies, OJ C 59, 11.3.2006, p. 2 (eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2006:059:0002:0006:EN:PDF).

     
  • 102. 
    The CESR is an independent advisory group to the European Commission composed of the national supervisors of EU securities markets; see Commission Decision of 6 June 2001, establishing the Committee of European Securities Regulators, 2001/527/EC (OJ L191, 13.7.2001, p. 43). The role of the CESR is to improve coordination among securities regulators, advise the European Commission and ensure more consistent and timely day-to-day implementation of Community legislation in the Member States.

     
  • 103. 
    OJ L 339, 24.12.2003, p. 73.

     
  • 104. 
    The CESR is an independent advisory group to the European Commission composed of the national supervisors of EU securities markets; see Commission Decision of 6 June 2001, establishing the Committee of European Securities Regulators, 2001/527/EC (OJ L191, 13.7.2001, p. 43). The role of the CESR is to improve coordination among securities regulators, advise the European Commission and ensure more consistent and timely day-to-day implementation of Community legislation in the Member States.

     
  • 105. 
    The European Securities Markets Experts Group (ESME) is an advisory body to the Commission, composed of securities markets practitioners and experts set up by the Commission in April 2006 and governed by Commission Decision 2006/288/EC of 30 March 2006 setting up a European Securities Markets Expert Group to provide legal and economic advice on the application of the EU securities Directives (OJ L 106, 19.4.2006, p. 14).

     
  • 106. 
    Code of conduct fundamentals for CRAs (revised May 2008)www.iosco.org/library/pubdocs/pdf/IOSCOPD271.pdf.

     
  • 107. 
    OJ L 3, 7.1.2004, p. 28.

     
  • 108. 
    OJ L 3, 7.1.2004, p. 30.

     
  • 109. 
    Communication from the Commission on Credit Rating Agencies, OJ C 59, 11.3.2006, p. 2 (eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2006:059:0002:0006:EN:PDF).

     
  • 110. 
    The CESR is an independent advisory group to the European Commission composed of the national supervisors of EU securities markets; see Commission Decision of 6 June 2001, establishing the Committee of European Securities Regulators, 2001/527/EC (OJ L191, 13.7.2001, p. 43). The role of the CESR is to improve coordination among securities regulators, advise the European Commission and ensure more consistent and timely day-to-day implementation of Community legislation in the Member States.

     
  • 111. 
    The CESR is an independent advisory group to the European Commission composed of the national supervisors of EU securities markets; see Commission Decision of 6 June 2001, establishing the Committee of European Securities Regulators, 2001/527/EC (OJ L191, 13.7.2001, p. 43). The role of the CESR is to improve coordination among securities regulators, advise the European Commission and ensure more consistent and timely day-to-day implementation of Community legislation in the Member States.

     
  • 112. 
    Code of conduct fundamentals for CRAs (revised May 2008)www.iosco.org/library/pubdocs/pdf/IOSCOPD271.pdf.

     
  • 113. 
    OJ L 191, 13.7.2001, p.45.

     
  • 114. 
    Communication from the Commission on Credit Rating Agencies, OJ C 59, 11.3.2006, p. 2 (eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2006:059:0002:0006:EN:PDF).

     
  • 115. 
    www.consilium.europa.eu/ueDocs/cms_Data/docs

     
  • 116. 
    For example, Standards and
     
  • 117. 
    OJ L 241, 2.9.2006, p. 26.

     
  • 118. 
    OJ L 162, 30.4.2004, p. 70.

     
  • 119. 
    OJ L 390, 31.12.2004, p. 38

     
  • 120. 
    Communication from the Commission on Credit Rating Agencies, OJ C 59, 11.3.2006, p. 2 (eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2006:059:0002:0006:EN:PDF).

     
  • 121. 
    OJ L 222, 14.8.1978, p. 11.

     
  • 122. 
    OJ L 142, 30.4.2004, p.
     
  • 123. 
    De Europese Commissie kent nummers toe aan officiële documenten van de Europese Unie. De Commissie maakt onderscheid in een aantal typen documenten door middel van het toekennen van verschillende nummerseries. Het onderscheid is gebaseerd op het soort document en/of de instelling van de Unie van wie het document afkomstig is.
     
  • 124. 
    De Raad van de Europese Unie kent aan wetgevingsdossiers een uniek toe. Dit nummer bestaat uit een vijfcijferig volgnummer gevolgd door een schuine streep met de laatste twee cijfers van het jaartal, bijvoorbeeld 12345/00 - een document met nummer 12345 uit het jaar 2000.
     
  • 125. 
    Het interinstitutionele nummer is een nummerreeks die binnen de Europese Unie toegekend wordt aan voorstellen voor regelgeving van de Europese Commissie.
    Binnen de Europese Unie worden nog een aantal andere nummerseries gebruikt. Iedere instelling heeft één of meerdere sets documenten met ieder een eigen nummering. Die reeksen komen niet overeen met elkaar of het interinstitutioneel nummer.
     
  • 126. 
    Deze databank van de Europese Unie biedt de mogelijkheid de actuele werkzaamheden (workflow) van de Europese instellingen (Europees Parlement, Raad, ESC, Comité van de Regio's, Europese Centrale Bank, Hof van Justitie enz.) te volgen. EURlex volgt alle voorstellen (zoals wetgevende en begrotingsdossiers) en mededelingen van de Commissie, vanaf het moment dat ze aan de Raad of het Europees Parlement worden voorgelegd.
     
  • 127. 
    Als dag van bekendmaking van een Europees besluit geldt de dag waarop het besluit in het Publicatieblad wordt bekendgemaakt, en daardoor in alle officiële talen van de Europese Unie bij het Publicatiebureau beschikbaar is.
     
  • 128. 
    This legally binding act of the European Union is directly applicable in all member states of the European Union. The regulation is similar to national legislation in terms of the impact and direct effect it generates. As such the regulation is the most pervasive of all the legal instruments of the EU.