Ireland:
Discussion Paper On New Credit Rating Agency Regulation
22 August 2013
Mason Hayes & Curran
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On 20 June 2013, Regulation (EU) No 462/2013 (the "CRA 3
Regulation") became effective. The CRA3 Regulation accompanies
the regulatory framework that is currently in place for Credit
Rating Agencies ("CRAs").
Following this, ESMA has now published a discussion paper on the
implementation of the CRA3 Regulation (the "Discussion
Paper"). The Discussion Paper has been issued in order to
compile market participant feedback with a view to drafting
regulatory technical standards ("RTS") which ESMA is
required to do so under the Regulation.
The RTS are to be drafted on the following topics:
-
information on structured finance instruments;
-
the European Rating Platform; and
-
the fees charged by CRAs to their clients.
Comments on the Discussion Paper are to be received by 10
October 2013. The final RTS will need to be adopted by ESMA by 21
June 2014.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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