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Article 21 - Regulation 1060/2009 (CRAR)

Article 21

Committee of European Securities Regulators

1.   CESR shall provide advice to the competent authorities in the cases provided for in this Regulation. The competent authorities shall consider that advice before taking any final decision under this Regulation.

2.   By 7 June 2010, CESR shall issue guidance on:

(a)

the registration process and coordination arrangements between competent authorities and with CESR, including on the information set out in Annex II, and language regime for applications submitted to CESR;

(b)

the operational functioning of the colleges, including on the modalities for determining the membership to the colleges, the application of the criteria for the selection of the facilitator referred to in Article 29(5)(a) to (d), the written arrangements for the operation of colleges and the coordination arrangements between colleges;

(c)

the application of the endorsement regime under Article 4(3) by competent authorities; and

(d)

common standards on the presentation of the information, including structure, format, method and period of reporting, that credit rating agencies shall disclose in accordance with Article 11(2) and point 1 of Part II of Section E of Annex I.

3.   By 7 September 2010, CESR shall issue guidance on:

(a)

enforcement practices and activities to be conducted by competent authorities under this Regulation;

(b)

common standards for assessment of compliance of credit rating methodologies with the requirements set out in Article 8(3);

(c)

types of measures referred to in Article 24(1)(d) to ensure that credit rating agencies continue to comply with legal requirements; and

(d)

information that the credit rating agency must provide for the application for certification and for the assessment of its systemic importance to the financial stability or integrity of financial markets referred to in Article 5.

4.   CESR shall publish, annually and for the first time by 7 December 2010, a report on the application of this Regulation. That report shall contain, in particular, an assessment of the implementation of Annex I by the credit rating agencies registered under this Regulation.

5.   CESR shall cooperate with the Committee of European Banking Supervisors established by Commission Decision 2009/78/EC (23) and the Committee of European Insurance and Occupational Pensions Supervisors established by Commission Decision 2009/79/EC (24) and shall consult those Committees before publishing guidance referred to in paragraphs 2 and 3.


(23)   OJ L 25, 29.1.2009, p. 23.

(24)   OJ L 25, 29.1.2009, p. 28.