ARTICLE
23 July 2014

Final Draft RTS Supplementing The Credit Rating Agencies Regulation

AO
A&O Shearman

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A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
The European Commission must assess the RTS and consider whether or not to adopt them.
European Union Finance and Banking

On 24 June 2014, the European Securities and Markets Authority ("ESMA") provided the European Commission with its final report and draft RTS on (i) disclosure by issuers, originators and sponsors of structured finance transactions; (ii) the content and presentation of rating information that credit ratings agencies must submit to ESMA for credit ratings that are not produced for a client; and (iii) the content and format of reporting by credit rating agencies to ESMA of fees the agencies charge. ESMA was required to prepare the final draft RTS under the Credit Rating Agency Regulation. The European Commission must assess the RTS and consider whether or not to adopt them.

ESMA's final report is available at: http://www.esma.europa.eu/news/Press Release-ESMA-publishes-draft-RTS-CRA3-transparency-requirements?t=326&o=home .

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