Special report No 22/2015 'EU supervision of Credit Rating Agencies - well established but not yet fully effective' will be published, together with a press release, on the ECA website on Monday 1 February 2016 at 07:00.
The global financial crisis in 2008 focused attention on the role of credit rating agencies and the impact of their ratings on financial markets. The activities of the agencies, which at that time were barely regulated in Europe, entered onto the EU's legislative agenda. The European Securities and Markets Authority (ESMA) was established in January 2011 with regulation of credit rating agencies registered in the EU as one of its main tasks. ESMA has been given exclusive powers to register the credit rating agencies, to monitor their performance, and to take supervisory decisions. It currently supervises 23 credit rating agencies registered in the EU.
The EU auditors examined if ESMA succeeded in establishing itself as the credit rating agency watchdog in the EU. In particular, we checked whether its registration process and supervision of the agencies was effective.
European Court of Auditors issued this content on 01 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 31 January 2016 03:11:33 UTC
Original Document: http://www.eca.europa.eu/fr/Pages/NewsItem.aspx?nid=6499
