The European Commission has adopted three regulatory technical standards (RTS) that are required to implement certain key provisions of the Regulation on credit rating agencies (CRAs).
The RTS cover:
- the disclosure requirements for issuers, originators and sponsors on structured finance instruments;
- reporting requirements to CRAs for the European Rating Platform; and
- reporting requirements for CRAs on fees for the purpose of on-going supervision by the European Securities and Markets Authority.
The European Parliament and the Council of the EU have one month to exercise their right of objection, with the possibility to extend – twice – this period for another month at their initiative. Following the expiry of this objection period, the RTS will be published in the Official Journal of the EU and will enter into force on the twentieth day following the date of their publication. The provisions of the RTS are directly applicable (i.e. legally binding in all Member States without implementation into national law) from the following dates:
- reporting on fees charges by CRAs – date of entry into force;
- European Rating Platform – 21 June 2015; and
- disclosure on structured finance instruments – 1 January 2017.
View Commission adopts regulatory technical standards to implement stricter new rules, 30 September 2014