On 12 November 2008, the European Commission published a Draft Regulation on credit rating agencies (CRAs). The amended version of this Regulation was approved on 23 April 2009 by the European Parliament. It is expected to enter into force by October 2009 and to apply by March 2010.
The Regulation provides that the Committee of European Securities Regulators (CESR) will be required to discharge important co-ordination and advisory functions alongside its traditional role of promoting convergence through level 3 guidelines and recommendations.
On 9 July 2009, CESR published a consultation document seeking comments on the conclusions that it had drawn for setting common standards for the presentation of historical and performance information and for the design of the potential output from the central repository. The deadline for responding to the consultation was 7 August 2009.
On 12 August 2009, CESR published the responses to the consultation.
View Responses to consultation on a central repository for CRAs, 12 August 2009