Credit rating agencies (Regulation)
Since 2009, the Rating-CR regulates the registration and supervision of credit rating agencies at an EU-wide level. National supervisory authorities are key to this procedure. Now, the Commission wishes to change this: In September 2009, the Commission proposed to establish the European Securities and Markets Authority (ESMA) which is to be responsible for the supervision of credit rating agencies in future.
Though the centralisation of the supervision of credit rating agencies with ESMA is justifiable, it is not absolutely necessary. At the same time, it is questionable whether or not it is inn line with EU law. Therefore, the maintenance of federal supervisory structures for ESMA and for the supervision rating agencies is a better solution.