June 11, 2019

EC is requesting feedback on the draft implementing decisions on recognition of legal and supervisory systems of Hong Kong, Japan, Mexico, and U.S. as equivalent to the requirements of Regulation (EC) No 1060/2009 on credit rating agencies. Additionally, EC is requesting feedback on the draft implementing decisions on repealing rules that recognize legal and supervisory systems of Argentina, Australia, Brazil, Canada, and Singapore as equivalent to Regulation (EC) No 1060/2009 on credit rating agencies. The feedback period is from June 11, 2019 to July 09, 2019. The implementing decisions shall enter into force on the twentieth day following that of their publication in the Official Journal of the European Union.

The Implementing Decisions for Argentina, Australia, Brazil, Canada, and Singapore have been repealed because the legal and supervisory frameworks of these countries do not meet the additional, more stringent equivalence requirements for CRAs registered in EU. These additional requirements were introduced by the CRA Regulation (Regulation No 462/2013) and apply for the purposes of assessing the equivalence of third country legal and supervisory frameworks from June 01, 2018. The additional requirements include legally binding rules for CRAs on rating outlooks, conflicts of interest management, confidentiality requirements, quality of rating methodologies, and the presentation and disclosure of credit ratings.

 

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Comment Due Date: July 09, 2019

Effective Date: OJ+20 Days

Keywords: Europe, Asia Pacific, Americas, EU, Hong Kong, Japan, Australia, Singapore, US, Mexico, Brazil, Canada, Argentina, CRA, Equivalence Decisions, Third Country, CRA Regulation, EC

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