On 7 December 2009, the EU Regulation 1060/09 on Credit Rating Agencies (CRAs) entered into effect. The Regulation has given CESR an important role in the future EU regulatory framework for CRAs. According to the Regulation, CESR is required to discharge important co-ordination and advisory functions alongside its traditional role of promoting convergence through Level 3 guidelines and recommendations.

A CESR Expert Group had been established in November 2008 to assist in preparing CESR for these new tasks relating to CRAs. As of 1 January 2010, this Expert Group has been transformed into the CESR Standing Committee on CRAs. In order to fulfill its objectives, the Standing Committee will:

•Promote convergence in the application by members of the Regulation, facilitate a coherent approach by the competent authorities and enhance legal certainty for market participants. The Standing Committee will prepare and publish common guidelines as required by the regulation.

•Deal with the implementation of the EU Regulation on CRAs. The Standing Committee will undertake the necessary work to enable both CESR and its members to discharge their functions spelled out in the Regulation.

•Coordinate with other international organisations and third country regulators that are performing activities in relation to CRAs. Among other organisations, the Standing Committee will coordinate with CEBS, CEIOPS and IOSCO.

A new consultative working group was formed to assist the Standing Committee (for a list of these individuals, please click on the button consultative working group in this page).

Any correspondence regarding the work of this Committee should be sent to the CESR Secretariat.