Regulation (EC) No 1060/2009 of 16.09.2009 stipulates that all credit rating agencies that have their headquarters or a branch in the European Union are required to be licenced in accordance with this Regulation and are subject to supervision. The Regulation contains certain exceptional provisions for central banks or credit agencies. Since 01.07.2011 full responsibility for the supervision of credit rating agencies has been transferred to the European Securities and Markets Authority (ESMA).
Furthermore the regulation also prescribes that all credit institutions insurance undertakings and other supervised entities within the financial services sector may only use ratings issued by authorised credit ratings agencies for regulatory purposes.
The FMA monitors the usage of ratings for regulatory purposes as part of its ongoing supervision of these entities.
Further Information
Links
Links can be found to the relevant European Regulations below: Regulation (EC) No. 1060/2009 and Corrigendum of Regulation (EC) No 1060/2009
The following link is a link to the central repository for publication of historic rating activity and rating performance statistics of all authorised ratings agencies: CEREP
This link contains an overview of all authorised ratings agencies: in accordance with the Regulation: https://www.esma.europa.eu/supervision/credit-rating-agencies/risk