Cesr calls for evidence on use of credit ratings in the EU

Cesr addresses the use of ratings in the EU by non-EU credit rating agencies

PARIS - The Committee of European Securities Regulators (Cesr) has published a call for evidence as part of a fact-finding exercise on the use within the European Union of ratings provided by rating agencies based outside of the EU.

Cesr's call for evidence follows a request by the European Commission for technical advice on the equivalence of third country legal and supervisory frameworks for the credit rating agencies along with Commission plans for their supervision under the EU.

All stakeholders need to submit their views by August 17 on which issues Cesr should concentrate on in its response to the Commission, which is due in the fourth quarter.

The committee is already in discussion with non-EU regulatory agencies to create co-operation agreements to be finalised in 2010, following a consultation paper slated for release at the end of the year as a result of consultation with the third-country jurisdictions.

The call for evidence can be read here.

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