ESMA has withdrawn the credit rating agency (CRA) registration of Moody’s Investors Service EMEA Limited (MIS EMEA - UK). The withdrawal decision follows the official notification from MIS EMEA - UK on April 24, 2019, which informed ESMA of the agency's intention to renounce its registration as a CRA under the conditions set out in Article 20(1)(a) of the CRA Regulation.
The request follows another notification that MIS EMEA - UK had ceased all its regulatory activity and had transferred its rating activity to other affiliated MIS CRAs based in EU, namely in Germany, France, and the UK. The registration withdrawal is part of the Moody’s group’s contingency plans related to Brexit. Point (a) of Article 20(1) of the CRA Regulation provides that, without prejudice to Article 24, ESMA shall withdraw the registration of a CRA where the CRA “expressly renounces the registration or has provided no credit ratings for the preceding six months.”
Related Link: News Release
Keywords: Europe, EU, Banking, Insurance, Securities, CRA, CRA Regulation, CRA Registration, MIS EMEA, Brexit, ESMA
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