Report from the Commission to the European Parliament and the Council on the exercise of the power to adopt delegated acts conferred on the Commission pursuant to Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies

Regulation (EC) No 1060/2009 of the European Parliament and of the Council on credit rating agencies was adopted as one of the measures following the financial crisis to restore market confidence and increase investor protection. This Regulation, as subsequently revised in 2011 and 2013, introduced registration and authorisation requirements for credit rating agencies (CRAs) with a sole supervisor in the EU, the European Securities and Markets Authority (ESMA) as well as rules on conflicts of interest, transparency and disclosure requirements for CRAs.

Regulation (EC) No 1060/2009, as amended in 2011, empowers the Commission to adopt delegated acts with respect to:
- Fees to be paid to the European Securities and Markets Authority (ESMA) by credit rating agencies (CRAs) for registration and supervision (Article 19(2));
- Rules of procedure for the exercise of the power to impose fines or periodic penalty payments by ESMA (Article 23e(7));
- Measures to specify further or amend the criteria for third country equivalence (Article 5(6));
- Amendment of the Annexes of Regulation (EC) No 1060/2009 (Article 37).

This report is required under Article 38a(1) of Regulation (EC) No 1060/2009. Pursuant to this provision, the power to adopt delegated acts is conferred on the Commission for a period of four years from 1 June 2011 and the Commission is required to draw up a report in respect of the delegation of power at the latest six months before the end of the four-year period.

• Primary Source

EUR-Lex: COM(2014)743: Follow the progress of this report through the decision-making procedure http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2014:743:FIN

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