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.
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