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       Posted on April 22nd, 2012

Technical advice on CRA regulatory equivalence – US, Canada and Australia – ESMA Final Report

This report sets out ESMA’s advice to the European Commission in respect of the equivalence between the US (Part I), Canada (Part II) and Australia (Part III) respective legal and supervisory frameworks and the EU regulatory regime for credit rating agencies. The equivalence assessment conducted by ESMA follows an objective-based approach, where the [...]


       Posted on April 10th, 2012

Are Ratings the Worst Form of Credit Assessment Apart from All the Others?

Ending the dependence on rating agencies is a top priority for the Financial Stability Board, which coordinates the G20 financial policies. Rating agencies have been accused of contributing to the recent financial crisis by misjudging the creditworthiness of mortgage-backed securities. Their downgrading practice of sovereigns and corporations is said to amplify procyclicality and [...]


       Posted on March 25th, 2012

ESMA’s Report on the Supervision of Credit Rating Agencies

This report provides an overview of ESMA’s supervisory activity on Credit Rating Agencies (CRAs) registered in the European Union and summarises the results of ESMA’s first examination of the three groups of registered CRAs (Fitch Ratings, Moody’s Investors Services, and Standard & Poor’s Rating Services).

The examination referred to in this document [...]


       Posted on March 15th, 2012

Finanzplatz – March 2012 – Information and Analyses on the German Financial Centre

Contents:

Editorial: Sustainability – the Topic of the Future
The Financial Centre Dialogue: If We Don’t Innovate, Others Will
The New EU-Strategy for Corporate Social Responsibility
Integrated Reporting
CSR – Do Corporations Have to Serve the Public Good?
Corporate Sustainability: the Topic for the Future
Diversity and Remuneration of European Supervisory Board Members
BilMoG Consolidated Financial Statements 2010 in Practical Trial
Change in Perspective [...]


       Posted on March 4th, 2012

EACT Comment on Latest EU Proposals for Regulation of Credit Rating Agencies, and ECON report

The EACT has commented on the latest EU proposals for regulation of credit rating agencies and the report of ECON in Parliament on these. The EACT believes that some of the measures proposed by the Commission would have material negative consequences on the use of ratings by corporate issuers, the real economy participants [...]


24 pages