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Internal Market: ESA registers first credit rating agency



EN  | NO

The EFTA Surveillance Authority (ESA) has approved the registration of the Norwegian entity Nordic Credit Rating AS (NCR) as a credit rating agency with effect from 3 August 2018. 

Credit-rating-agencyHaving headquarters in Oslo and a branch in Stockholm, NCR will issue solicited credit ratings for corporates. The entity is the first credit rating agency to be registered with ESA since it was entrusted with new responsibilities in supervising the financial sector in 2016

EEA rules seek to ensure that credit ratings issued in the EEA respect standards of quality, transparency and independence by providing that only registered entities may lawfully issue ratings. Once registered, credit rating agencies are subject to on-going supervision and monitoring, to make sure that they continue to meet the conditions for registration. If a credit rating agency fails to meet its obligations, ESA may issue fines and/or withdraw the registration. 

While agencies established in Iceland, Liechtenstein and Norway must be registered with ESA, credit rating agencies established in the EU must be registered with the European Securities and Markets Authority (ESMA). Legally binding decisions addressed at credit rating agencies established in the EEA/EFTA States are adopted by ESA on the basis of drafts by ESMA. 

The supervision of EEA/EFTA based credit rating agencies is subject to close cooperation between the two authorities.

A list of credit rating agencies registered by ESMA and ESA is available at ESMA's website

Please find ESMA's press release concerning today's approval here.

For further information, please contact:

Ms. Anne Vestbakke
Head of Communications
tel. +32 2 286 18 66
mob. +32 490 57 63 53

Other EEA Institutions

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