Information on regulations concerning the ESFS and credit rating agencies (CRAs)
Regulations concerning the ESFS
A large number of financial regulations have been revised and various new instruments adopted in order to ensure that the European System of Financial Supervision (ESFS) operates in an effective manner. The instruments concerned are those regulating the formation of the ESFS and the associated regulations. Further information on these regulations is available on the EU ‘financial supervision’ website. The regulations affect:
- Banks and insurance companies
- Financial markets
Consult the regulations (European Commission website)
Credit rating agencies
The European Securities and Markets Authority (ESMA) is exclusively authorised to supervise EU-registered credit rating agencies. Its powers are laid down in regulation (EU) No 513/2011 (PDF), which came into force on 1 June 2011.
Regulation (EU) No 462/2013 (PDF) containing rules of conduct for credit rating agencies took effect on 20 June 2013. This regulation is designed to improve credit-rating activities in the EU and enhance the effectiveness of the single market. The instrument is also intended to achieve a high level of consumer and investor protection.