European Securities and Markets Authority (independent EU Authority established on 1 January 2011 contributes to safeguarding the stability of the European Union’s financial system by ensuring the integrity, transparency, efficiency and orderly functioning of securities markets as well as enhancing investor protection) informed a few days ago that DBRS, Fitch Ratings, Moody’s Investors Service and Standard & Poor’s (S&P) were successfully registered as Credit Ratings Agencies.
According to EU Regulation on Credit Rating Agencies (EC) No 1060/2009, amended by Regulation (EU) No 513/2011 in order to do business in the area of European Union Credit Rating Agencies must comply with the requirements of the EU Regulation on Credit Rating Agencies.
What is more important, the registrations are valid on nowadays made on the European level and for the provided by the applications agencies.
For example, Fitch decided it wanted to register 7 legal entities in France, Germany, Italy, Poland, Spain and two in United Kingdom.
As of 31 October 2011, the supervision of the Credit Rating Agencies are to be provided by the European Securities and Markets Authority.