On 8 March 2010, the Committee of European Securities Regulators (CESR) published frequently asked questions on Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (the CRA Regulation).

The final version of the CRA Regulation was published on 16 September 2009, entered into force on 7 December 2009 and applies by 7 June 2010.

The purpose of the FAQs is to provide clarity to market participants to questions on the CRA Regulation that are commonly posed to CESR members. However, the responses in the FAQs do not contain standards, guidelines or recommendations and therefore no prior consultation process has been followed.

The FAQs cover:

  • Corporate governance and compliance.
  • Endorsement regime.
  • Exemptions.
  • Disclosures.
  • Registration process.
  • Structured finance.
  • National implementation.
  • Scope.
  • Employees rules.

View FAQs on the EU Regulation on credit rating agencies: Common positions agreed by CESR members, 8 March 2010