Logo Uni Augsburg
 

Regulation (EU) No 462/2013

 

I. General Information

Title

Regulation  (EU) No 462/2013 of the European Parliament and of the Council amending Regulation  (EC) No 1060/2009 on credit rating agencies

Abbreviations CRA III
Status: Existing
Description

Commission wants better quality credit ratings

Brussels, 15 November 2011 - Credit rating agencies (CRAs) are major players in today's financial markets, with rating actions having a direct impact on the actions of investors, borrowers, issuers and governments. For example, a corporate downgrade can have consequences on the capital a bank must hold and a downgrade of sovereign debt makes a country's borrowing more expensive. Despite the adoption of European legislation on credit rating agencies in 2009 and 2010, recent developments in the context of the euro debt crisis have shown our existing regulatory framework is not good enough. So, today the Commission has put forward proposals to toughen that framework further and deal with outstanding weaknesses.

Four main goals of the proposed draft Directive and draft Regulation

1. To ensure that financial institutions do not blindly rely only on credit ratings for their investments.

2. More transparent and more frequent sovereign debt ratings.

3. More diversity and stricter independence of credit rating agencies to eliminate conflicts of interest.

4. To make CRAs more accountable for the ratings they provide.

Background

The EU Regulation on Credit Rating Agencies (CRA)1, (in force since December 2010), was part of Europe's response to the commitments  made by the G20 at the November 2008 Washington summit. This Regulation was amended in May 2011, to adapt the Regulation to the creation of ESMA2.

The existing CRA Regulations focus on registration, conduct of business and supervision of CRAs:

(1) registration: in order to be registered, a CRA must fulfill a number of obligations on the conduct of its business (see (2)) intended to ensure the independence and integrity of the rating process and to enhance the quality of the ratings issued. The European Securities and Markets Authority (ESMA) is entrusted since July 2011 with the responsibility for registering CRAs in the EU; 28 CRAs (of which some belong to the same group) are now registered with ESMA.

(2) conduct of business: the existing Regulation requires CRAs to avoid conflicts of interests (for example, a rating analyst employed by a CRA should not rate an entity in which he/she has an ownership interest), to ensure the quality of ratings (for example, requiring the ongoing monitoring of credit ratings) and rating methodologies (which must be, inter alia, rigorous and systematic) and a high level of transparency (for example, every year, CRAs should publish a Transparency Report).

(3) supervision: since July 2011, ESMA exercises exclusive supervisory powers over credit rating agencies registered in the EU and has comprehensive investigative powers including the possibility to demand any document or data, to summon and hear persons, to conduct on-site inspections and to impose administrative sanctions, fines and periodic penalty payments. This centralises and simplifies the supervision of CRAs at European level. Centralised supervision ensures a single point of contact for registered CRAs, significant efficiency gains due to a shorter and less complicated registration and supervisory process and a more consistent application of the rules for CRAs. CRAs are at present the only financial institutions which are directly supervised by a European supervisory authority.

EU rules would apply to ratings of public entities within the EU but also outside the EU provided that the sovereign ratings are issued by a CRA registered in the EU.

Regulation (EU) No 462/2013
Source O.J. EU No L (Legislation), Edition 146, Year 2013, p.1
Adoption 05/21/2013
Promulgation 05/31/2013
Character Regular Act
Legal Basis Art. 114 AEUV
Legislative Procedure Codecision procedure
 

II. Versions and Legislative History

 

1. Versions

  (EU) No 462/2013
    05/21/2013 (A)
    05/31/2013 (P)

Original Text CRA III:
Regulation  (EU) No 462/2013 of the European Parliament and of the Council amending Regulation  (EC) No 1060/2009 on credit rating agencies

Deutsch
Spacer
Englisch
Spacer
Französisch
Spacer
(A) Adoption | (P) Promulgation
 

2. Legislative History

08/23/2012 Report of the Committee on Economic and Monetary Affairs A7 0221/2012 Deutsch
Spacer
Englisch
Spacer
Französisch
04/02/2012 Opinion of the European Central Bank O.J. 2012/C 167/2 Deutsch
Spacer
Englisch
Spacer
Französisch
03/29/2012 Opinion of the European Economic and Social Committee O.J. 2012/C 181/68 Deutsch
Spacer
Englisch
Spacer
Französisch
02/10/2012 Opinion of the European Data Protection Supervisor O.J. 2012/C 139/6 Deutsch
Spacer
Englisch
Spacer
Französisch
11/15/2011 Commission staff working paper SEC(2011) 1355 final Deutsch
Spacer
Englisch
Spacer
Französisch
11/15/2011 Proposal COM(2011) 747 final Deutsch
Spacer
Englisch
Spacer
Französisch
 

3. Comments

01/05/2012 Gesamtverband der Deutschen Versicherungswirtschaft e. V. (GDV)
Comment on: Kommissionsvorschlag
PDF-Datei
02/02/2012 Deutsche Aktieninstitut (DAI), Bundesverband der Deutschen Industrie (BDI ) und Verband deutscher Treasurer (VDT)
Comment on: Kommissionsvorschlag
PDF-Datei
02/10/2012 Bundesrat (BR)
Comment on: Kommissionsvorschlag
PDF-Datei
02/13/2012 Centrum für Europäische Politik (CEP)
Comment on: Kommissionsvorschlag
PDF-Datei
08/30/2012 Gesamtverband der Deutschen Versicherungswirtschaft e. V. (GDV)
Comment on: Bericht des Ausschusses für Wirtschaft und Währung
PDF-Datei
09/14/2012 Deutsche Aktieninstitut (DAI), Bundesverband der Deutschen Industrie (BDI ) und Verband deutscher Treasurer (VDT)
Comment on: Bericht des Ausschusses für Wirtschaft und Währung
PDF-Datei
 

4. Legal Impact

Amendment  Regulation (EC) No 1060/2009
Deutsch Englisch Französisch
 

III. CESR / ESMA Announcements (Level 3)

11/2017

Q&A on Implementation of the Regulation (EU) No 462/2013 on Credit Rating Agencies

ESMA/33-5-87  
 

IV. Umsetzung in den Mitgliedstaaten

 

1. Implementation in Germany

12/10/2014 (A)
12/18/2014 (P)

 Gesetz zur Verringerung der Abhängigkeit von Ratings

Deutsch
(A) Adoption | (P) Promulgation
Language:
Deutsch Deutsch
English Englisch
Francais Französisch
Chinese Chinesisch

Legende

Hyperlink int./ext. Verlinkung
Externer Link Externer Hyperlink
Status des Rechtsaktes
Aufgehoben Aufgehoben
Vorhaben Vorhaben
Inkraft Inkraft
Unbekannt Unbekannt
Dokumente
Deutsch Deutsche Fassung
Englisch Englische Fassung
Französisch Franz. Fassung
PDF-Datei Sonstige PDF-Datei
Dokument Sonstiges Dokument
Externer Link Externes Dokument

Overview

I. General Information
II. Versions and Legislative History
1. Versions
2. Legislative History
3. Comments
4. Legal Impact
III. CESR / ESMA Announcements (Level 3)
IV. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany

Verwendung von Cookies
Um unsere Webseite für Sie optimal zu gestalten und fortlaufend verbessern zu können, verwenden wir Cookies. Durch die weitere Nutzung der Webseite stimmen Sie der Verwendung von Cookies zu. Weitere Informationen zu Cookies erhalten Sie in der Datenschutzerklärung.
Einverstanden | Ablehnen