Europe: ESMA's supervision of credit rating agencies

The European System of Financial Supervisors was introduced at the start of this year and with it came new regulatory authorities, building on the earlier Lamfalussy level 3 committees, including the European Securities and Markets Authority. The ESMA will be responsible for the supervision of credit rating agencies in Europe from 1 July 2011. The Regulation providing for its role in this regard - Regulation (EU) No. 513/2011 - has been published in the Official Journal of the European Union: see here (pdf).

For further information about the ESFS, see: Ferran, Eilis, "Understanding the New Institutional Architecture of EU Financial Market Supervision", University of Cambridge Faculty of Law Research Paper No. 29/2011, available at SSRN here.