Rating: entra en vigor la nueva normativa europea

Ante la entrada en vigor de la nueva regulación, la Comisión Europea ha publicado un comunicadoy un memorandodestinados a exponer los antecedentes de la nueva normativa y los objetivos perseguidos. La nueva regulación está constituida por el Reglamento 462/2013 y por la Directiva 2013/14/CE, ambos de fecha 21 de mayo y su entrada en vigor tendrá efectos a partir del día 20 de junio. 

Tomo de la nota de prensa la explicación de los propósitos de esta nueva  normativa:

“1. Reduced overreliance on credit ratings

In line with our G20 commitments, the new rules will reduce reliance on external ratings, requiring financial institutions to strengthen their own credit risk assessment and not to rely solely and mechanistically on external credit ratings. European Supervisory Authorities should also avoid references to external credit ratings and will be required to review their rules and guidelines and where appropriate, remove credit ratings where they have the potential to create mechanistic effects. The regulatory package also contains a Directive introducing the principle to reduce reliance on external ratings in sectoral legislation for collective investment funds (UCITS), alternative investment fund managers (AIFMD) and institutions for retirement provision (IORPD).

2. Improved quality of ratings of sovereign debt of EU Member States

To avoid market disruption, rating agencies will set up a calendar indicating when they will rate Member States. Such ratings will be limited to three per year for unsolicited sovereign ratings. Derogations remain possible in exceptional circumstances and subject to appropriate explanations. The ratings will only be published on Fridays after close of business and at least one hour before the opening of trading venues in the EU. Furthermore, investors and Member States will be informed of the underlying facts and assumptions on each rating which will facilitate a better understanding of credit ratings of Member States.

3. Credit rating agencies will be more accountable for their actions

The new rules will make rating agencies more accountable for their actions as ratings are not just simple opinions. Therefore, the new rules ensure that a rating agency can be held liable in case it infringes intentionally or with gross negligence the CRA Regulation, thereby causing damage to an investor or an issuer.

4. Reduced conflicts of interests due to the issuer pays remuneration model

The Regulation will improve the independence of credit rating agencies and help eliminate conflicts of interest by introducing mandatory rotation for certain complex structured financial instruments (re-securitisations). There are also limitations as regards the shareholding of rating agencies. To mitigate the risk of conflicts of interest, the new rules will require CRAs to disclose publicly if a shareholder with 5% or more of the capital or voting rights of the concerned CRA holds 5% or more of a rated entity, and would prohibit a CRA from rating when a shareholder of a CRA with 10% or more of the capital or voting rights also holds 10% or more of a rated entity.

To ensure the diversity and independence of credit ratings, the Regulation prohibits ownership of 5% or more of the capital or the voting rights in more than one CRA, unless the agencies concerned belong to the same group (cross-shareholding).

5. Publication of ratings on a European Rating Platform

All available ratings will be published on a European Rating Platform, available as from June 2015. This will improve the comparability and visibility of ratings of financial instruments rated by rating agencies registered and authorised in the EU. This should also help investors to make their own credit risk assessment and contribute to more diversity in the rating industry.

As part of the package, the Commission will also review the situation in the rating market and report to the European Parliament and the Council on the appropriateness of the development of a special European system for creditworthiness assessments of sovereign debt. By 31 December 2016, the Commission should submit a report to the European Parliament and to the Council on the appropriateness and feasibility of supporting a European credit rating agency dedicated to assessing the creditworthiness of Member States’ sovereign debt and/or a European credit rating foundation for all other credit ratings”.

El tiempo dirá si los abundantes problemas que han acompañado la actividad de las agencias de calificación se corrigen al amparo de esta nueva normativa que, como se indica repetidamente, busca establecer en la Unión Europea un marco similar al que se ha introducido en otros mercados relevantes.

Madrid, 19 de junio de 2013