I- Background

1. In June 2010 CESR published guidance on the registration process and related issues (CESR/Ref. 10- 347), as required by Article 21 (2) of Regulation (EC) No 1060/2009. CESR‟s Guidance (the “CESR Guidance”) also dealt with the endorsement regime allowing the distribution and the use for regulatory purposes in the Community of credit ratings issued in third countries.
2. Article 21 (3) of the revised Regulation on Credit Rating Agencies (CRAs) modifying EU Regulation 1060/2009 on CRA gave ESMA the power, in cooperation with EBA and EIOPA, to issue and update guidelines on the application of the endorsement regime under Article 4.(3) by 7 June 2011.
3. Accordingly, on 18 March 2011 ESMA released a Consultation Paper asking stakeholders to provide comments on these Guidelines
4. The consultation closed on 31 March 2011 and ESMA received 17 responses from a wide range of stakeholders including 4 CRAs, 4 banks, 8 industry associations and one advisory committee of a regulator. All responses received, with the exception of those treated as confidential, are available on the ESMA website at http://www.esma.europa.eu/index.php page=responses&id=179.
5. The final version of the guidelines contained in Annex 1 will be translated into all European Union languages and will be available at a later stage on the ESMA website.

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