Credit Rating Agencies Regulation Art. 31: every consolidated version and what changed

Version in force 1 June 2011, Modified +1,714 −349§

Amended by Regulation (EU) No 513/2011 32011R0513 on EUR-Lex (external, EUR-Lex)

Applies from: no date changed

Found in the text, but not every source lists it — the text comparison and the EU's own amendment metadata found this change; the amending act's instructions do not mention it. The source that does not name it is the amending act's instructions. All are shown; none is overruled.

Explanation, written by a model and checked against the cited text

The article's heading and content changed from describing a CESR mediation mechanism for disagreements between competent authorities into provisions on notifications by a competent authority to ESMA about acts contrary to the Regulation and on requests that ESMA suspend the regulatory use of a credit rating agency's ratings.

The earlier text had CESR establishing a mediation mechanism and receiving referrals from competent authorities who disagreed, while the later text instead has a competent authority notifying ESMA of suspected breaches, suggesting use of powers under Articles 23b and 23c, and requesting suspension of a credit rating agency's ratings with ESMA responding in writing.

Cited: Art. 31, v1 (external, EUR-Lex) · Art. 31, v2 (external, EUR-Lex)

v1 is the previous version, v2 this one.

Text from EUR-Lex, before and after

texts differ too much for an inline diff; shown separately

Previous version, detected 13 August 2026 02009R1060-20091207

Article 31
Mediation
1. CESR shall establish a mediation mechanism to assist in finding a common view among the competent authorities concerned.
2. In the event of disagreement between competent authorities concerning an examination or action under this Regulation, they shall refer the matter to CESR for mediation. The competent authorities concerned shall give due consideration to the advice of CESR and shall provide full reasons for any deviation from that advice.

this version, in force 1 June 2011 02009R1060-20110601

Article 31
Notifications and suspension requests by competent authorities
1.
Where a competent authority of a Member State finds that acts contrary to this Regulation are being, or have been, carried out on the territory of its own or of another Member State, it shall give notice of that fact in as specific a manner as possible to ESMA. Where the competent authority considers it appropriate for investigatory purposes, the competent authority may also suggest to ESMA that it assess the need to use the powers under Articles 23b and 23c in relation to the credit rating agency involved in those acts.
ESMA shall take appropriate action. It shall inform the notifying competent authority of the outcome and, as far as possible, of any significant interim developments.

2.
Without prejudice to the duty to notify set out in paragraph 1, where the notifying competent authority of a Member State considers that a registered credit rating agency, whose credit ratings are used within the territory of that Member State, breaches the obligations arising from this Regulation and the infringements are sufficiently serious and persistent to have a significant impact on the protection of investors or on the stability of the financial system in that Member State, the notifying competent authority may request that ESMA suspend the use, for regulatory purposes, of credit ratings of the credit rating agency concerned by the financial institutions and other entities referred to in Article 4(1). The notifying competent authority shall provide ESMA with full reasons for its request.
Where ESMA considers that the request is not justified, it shall inform the notifying competent authority in writing, setting out the reasons. Where ESMA considers that the request is justified, it shall take the appropriate measures to resolve the issue.