Credit Rating Agencies Regulation Art. 39b: every consolidated version and what changed

Version in force 20 June 2013, Inserted +2,009 −0§

Amended by Regulation (EU) No 462/2013 32013R0462 on EUR-Lex (external, EUR-Lex)

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

This new article requires the Commission to submit several reports to the European Parliament and the Council: one by 31 December 2015 on steps taken to delete references to credit ratings that trigger sole or mechanistic reliance and on alternative tools for investors' own credit risk assessment, with a view to removing such references from Union law by 1 January 2020, with ESMA providing technical advice.

It also requires a report by 31 December 2014 on a European creditworthiness assessment for sovereign debt, followed by a further report by 31 December 2016 on the appropriateness and feasibility of a European credit rating agency or foundation, and a separate report by 31 December 2013 on the feasibility of a network of smaller credit rating agencies, which may lead to a re-evaluation of Article 8d.

Cited: Art. 39b, v2 (external, EUR-Lex)

v1 is the previous version, v2 this one.

Text from EUR-Lex

Inserted in this version 02009R1060-20130620

Article 39b
Reporting obligations
1. By 31 December 2015, the Commission shall submit a report to the European Parliament and to the Council on:
(a) the steps taken as regards the deletion of references to credit ratings which trigger or have the potential to trigger sole or mechanistic reliance thereon; and
(b) alternative tools to enable investors to make their own credit risk assessment of issuers and of financial instruments,
with a view to deleting all references to credit ratings in Union law for regulatory purposes by 1 January 2020, subject to appropriate alternatives being identified and implemented. ESMA shall provide technical advice to the Commission within the framework of this paragraph.
2. Taking into consideration the situation of the market, the Commission shall, by 31 December 2014, submit a report to the European Parliament and to the Council on the appropriateness of the development of a European creditworthiness assessment for sovereign debt.
Taking into consideration the findings of the report referred to in the first subparagraph and the situation of the market, the Commission shall, by 31 December 2016, submit a report to the European Parliament and to the Council, on the appropriateness and feasibility of supporting a European credit rating agency dedicated to assessing the creditworthiness of Member States’ sovereign debt and/or a European credit rating foundation for all other credit ratings.
3. The Commission shall, by 31 December 2013, submit a report to the European Parliament and to the Council regarding the feasibility of a network of smaller credit rating agencies in order to increase competition in the market. That report shall evaluate financial and non-financial support for the creation of such a network, taking into consideration the potential conflicts of interest arising from such public funding. In light of the findings of that report and following ESMA’s technical advice, the Commission may re-evaluate and suggest amending Article 8d.