In this practice note, Barnabas Reynolds, head of the Financial Institutions Advisory & Financial Regulatory Group at Shearman & Sterling LLP, provides an overview of the EU Regulation on credit rating agencies (Regulation 1060/2009) (CRA Regulation).

The note reflects amendments to the CRA Regulation made by CRA II (Regulation 513/2011) which transferred responsibility for the registration and ongoing supervision of EU credit rating agencies to the European Securities and Markets Authority (ESMA).

For an overview of the EU regulatory framework for CRAs and credit ratings, see Practice note, CRAs and credit ratings: EU regulation and for information about the amendments to the CRA Regulation to be made by CRA III, see Practice note, CRA III.