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Brussels , 12.11.2008 COM ( 2008 ) 704 final 2008/0217 ( COD )
Bruselj , 12.11.2008 COM ( 2008 ) 704 konč . 2008/0217 ( COD )
Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on Credit Rating Agencies
Predlog UREDBA EVROPSKEGA PARLAMENTA IN SVETA o bonitetnih agencijah
{ SEC ( 2008 ) 2745 } { SEC ( 2008 ) 2746 }
{ SEC ( 2008 ) 2745 } { SEC ( 2008 ) 2746 }
CONTEXT OF THE PROPOSAL General context , grounds for and objectives of the proposal
OZADJE PREDLOGA Splošno ozadje , razlogi za predlog in njegovi cilji
Credit rating agencies provide independent opinions on the probability of default or expected losses of companies , governments and a wide range of financial instruments .
Bonitetne agencije zagotavljajo neodvisna mnenja o verjetnosti izgub iz naslova neplačil ali pričakovanih izgub podjetij , vlad in širokega razpona finančnih instrumentov .
These « credit ratings » are used by investors , borrowers , issuers and governments , and so play an important role in financial markets .
Te „bonitetne ocene » uporabljajo vlagatelji , kreditojemalci , izdajatelji in vlade , zato imajo pomembno vlogo na finančnih trgih .
In 2006 the Commission set out its regulatory approach to credit rating agencies1 and stated that it would monitor the developments in this area very carefully .
Komisija je leta 2006 določila svoj regulativni pristop do bonitetnih agencij1 in navedla , da bo nadvse skrbno spremljala dogajanje na tem področju .
Credit rating agencies active in the EU are mainly governed by the International Organisation of Securities Commissions ( IOSCO ) code of conduct2 , which is based on voluntary compliance , and are subject to a yearly assessment by the Committee of European Securities Regulators ( CESR ) 3 .
Delovanje bonitetnih agencij v EU je urejeno predvsem s kodeksom ravnanja2 Mednarodnega združenja nadzornikov trga vrednostnih papirjev ( IOSCO -- International Organisation of Securities Commissions ) , ki temelji na prostovoljnem upoštevanju , agencije pa vsako leto oceni Odbor evropskih zakonodajalcev za vrednostne papirje ( CESR -- Committee of European Securities Regulators ) 3 .
The Commission stated that it would consider new proposals if compliance with existing EU rules or the IOSCO Code was clearly unsatisfactory or if new circumstances were to arise --- including serious problems of market failure .
Komisija je navedla , da bo preučila nove predloge , če bi bilo upoštevanje veljavnih pravil EU ali Kodeksa IOSCO očitno nezadovoljivo ali če bi se pojavile nove okoliščine -- vključno z resnimi težavami neuspešnosti trga .
It is commonly agreed that credit rating agencies contributed significantly to recent market turmoil by underestimating the credit risk of structured credit products .
Splošno sprejeto je , da so bonitetne agencije s podcenjevanjem kreditnega tveganja strukturiranih kreditnih produktov znatno prispevale k nedavnim pretresom na trgu .
The great majority of subprime products were given the highest ratings , thereby clearly underestimating the major risks inherent in those instruments .
Velika večina produktov z velikim tveganjem ( „subprime products ") je dobila najvišje bonitetne ocene , kar je očitno podcenjevanje velikih tveganj , ki jih vsebujejo ti instrumenti .
Furthermore , when market conditions worsened , the agencies failed to adapt the ratings promptly .
Poleg tega agencije niso nemudoma prilagodile bonitetnih ocen , ko so se tržni pogoji poslabšali .
The current crisis has revealed weaknesses in the methods and models used by credit rating agencies .
Sedanja kriza je razkrila slabosti metod in modelov , ki jih uporabljajo bonitetne agencije .
One reason may be that credit rating agencies operate in an oligopolistic market that offers limited incentives to compete on the quality of the ratings produced .
Razlog za to bi lahko bil tudi , da bonitetne agencije delujejo na oligopolnem trgu , kjer je spodbuda za konkuriranje glede kakovosti izdelanih bonitetnih ocen majhna .
The sometimes poor quality of ratings of structured finance instruments has considerably contributed to the current crisis .
Včasih slaba kakovost bonitetnih ocen strukturiranih finančnih instrumentov je znatno prispevala k sedanji krizi .
In addition , shortcomings in the agencies » communication with users of credit ratings became evident .
Poleg tega je postalo očitno pomanjkanje komunikacije agencij z uporabniki bonitetnih ocen .
As a result , market participants » confidence in the performance of credit rating agencies and in the reliability of ratings has suffered .
Zato se je zaupanje udeležencev na trgu v zmogljivost bonitetnih agencij in zanesljivost bonitetnih ocen zmanjšalo .
In October 2007 EU Finance Ministers agreed to a set of conclusions on the crisis ( the « Ecofin Roadmap ') 4 which included a proposal to assess the role played by credit rating agencies and to address any relevant deficiencies .
Oktobra 2007 so se finančni ministri EU dogovorili za niz sklepov glede krize ( „načrt Ecofin ") 4 , ki so vključevali predlog za oceno vloge bonitetnih agencij in za odpravo vseh zadevnih pomanjkljivosti .
Specifically , the Commission was asked to examine possible conflicts of interest in the rating process , transparency of rating methods , time-lags in rating reassessments and regulatory approval processes .
Natančneje , Komisija je bila pozvana , naj preuči morebitna nasprotja interesov v bonitetnem postopku , preglednost ocenjevalnih metod , časovne zaostanke pri vnovičnih bonitetnih ocenjevanjih in regulativne postopke odobritve .
Communication from the Commission on Credit Rating Agencies , OJ C 59 , 11.3.2006 , p. 2 ( http://eurlex.europa.eu/LexUriServ/LexUriServ.do ?
Sporočilo Komisije o bonitetnih agencijah , UL C 59 , 11.3.2006 , str . 2 ( http://eurlex.europa.eu/LexUriServ/LexUriServ.do ?
uri = OJ : C : 2006:059:0002 : 0006 : EN : PDF ) .
uri = OJ : C : 2006:059:0002 : 0006 : SL : PDF ) .
Code of conduct fundamentals for CRAs ( revised May 2008 ) http://www.iosco.org/library/pubdocs/pdf/IOSCOPD271.pdf .
Code of conduct fundamentals for CRAs ( Kodeks osnovnih načel ravnanja za bonitetne agencije ) ( različica , popravljena maja 2008 ) http://www.iosco.org/library/pubdocs/pdf/IOSCOPD271.pdf .
The CESR is an independent advisory group to the European Commission composed of the national supervisors of EU securities markets ;
CESR je neodvisna svetovalna skupina Evropske komisije , sestavljena iz nacionalnih nadzornikov trgov vrednostnih papirjev v EU ;
see Commission Decision of 6 June 2001 , establishing the Committee of European Securities Regulators , 2001/527 / EC ( OJ L191 , 13.7.2001 , p. 43 ) .
junija 2001 o ustanovitvi Odbora evropskih zakonodajalcev za vrednostne papirje , 2001/527 / ES ( UL L 191 , 13.7.2001 , str . 43 ) .
The role of the CESR is to improve coordination among securities regulators , advise the European Commission and ensure more consistent and timely day-to-day implementation of Community legislation in the Member States .
Naloga CESR je izboljšati usklajenost med zakonodajalci za vrednostne papirje , svetovati Evropski komisiji in zagotoviti doslednejše in pravočasno vsakodnevno izvajanje zakonodaje Skupnosti v državah članicah .
http://www.consilium.europa.eu/ueDocs/cms_Data/docs/pressData/en/ecofin/96375.pdf .
http://www.consilium.europa.eu/ueDocs/cms_Data/docs/pressdata/SL/ecofin/96629.pdf .
To clarify the role of the agencies and assess the need for regulatory measures , in autumn 2007 the Commission requested the advice of the CESR and the European Securities Markets Expert Group ( ESME ) 5 .
Za pojasnitev vloge agencij in ocenitev potrebe po regulativnih ukrepih je Komisija jeseni leta 2007 za nasvet zaprosila CESR in strokovno skupino za evropske trge vrednostnih papirjev ( ESME -- European Securities Markets Expert Group ) 5 .
At around the same time , other countries also started reforms in this field ( US , Japan ) , and since then , important reports by IOSCO6 , the Financial Stability Forum7 and the Committee on the Global Financial System8 have addressed the issue .
Približno sočasno so začele tudi druge države uvajati reforme na tem področju ( ZDA , Japonska ) in odtlej so IOSCO6 , Forum za finančno stabilnost ( FSF -- Financial Stability Forum ) 7 in Odbor za globalni finančni sistem ( CGFS -- Committee on the Global Financial System ) 8 pripravili pomembna poročila o tem vprašanju .
Meanwhile , credit rating agencies themselves have outlined some reforms they are prepared to undertake9 .
Medtem so bonitetne agencije same pripravile osnutke nekaterih reform , ki so jih pripravljene uvesti .
Self-regulation based on voluntary compliance with the IOSCO code does not appear to offer an adequate , reliable solution to the structural deficiencies of the business .
9 Zdi se , da samourejanje na podlagi prostovoljnega upoštevanja kodeksa IOSCO ne ponuja ustrezne , zanesljive rešitve za strukturne pomanjkljivosti dejavnosti .
While the industry has come up with several schemes for self-regulation , most of these have not been robust and or stringent enough to cope with the severe problems and restore the confidence in the markets .
Čeprav je bilo v panogi oblikovanih že več načrtov za samourejanje , večina teh ni bila dovolj zanesljiva in / ali stroga za odpravo resnih težav in povrnitev zaupanja v trge .
Moreover , individual approaches by some of the credit rating agencies would not have the market-wide effect necessary to establish a level playing field across the EU and preferably worldwide .
Poleg tega posamični pristopi nekaterih bonitetnih agencij ne bi imeli učinka na ravni celotnega trga , ki je potreben za vzpostavitev enakih konkurenčnih pogojev v celotni EU in po možnosti po vsem svetu .
In terms of substantive requirements , the Commission considers the revised IOSCO code of conduct to be the global benchmark .
Kar zadeva vsebinske zahteve , Komisija meni , da je popravljeni kodeks ravnanja IOSCO globalno merilo .
However , the code has some limitations that need to be overcome to make its rules fully operational .
Vendar pa kodeks vsebuje nekatere omejitve , ki jih je treba odpraviti , da bi lahko njegova pravila delovala v celoti .
Some IOSCO rules are quite abstract and generic ;
Nekatera pravila IOSCO so precej abstraktna in splošna ;
they need to be concretised , and consolidated in some cases , to make them easier to apply in practice and more efficient .
treba jih je konkretizirati in v nekaterih primerih prečistiti , da bi bila učinkovitejša in bi se jih v praksi lažje uporabljalo .
Most importantly , the code provides no enforcement mechanism but only invites credit rating agencies to give reasons if they do not comply with it ( the « comply or explain » approach ) .
Kar je najpomembnejše , kodeks ne vsebuje mehanizma za njegovo izvrševanje , temveč so v njem agencije samo pozvane , naj navedejo razloge , če ga ne upoštevajo ( pristop „upoštevaj ali pojasni ") .
The code itself is open to being complemented by enforceable rules .
Sam kodeks je mogoče dopolnjevati z izvršilnimi pravili .
It explicitly states that credit rating agencies should obey the laws and regulations of the jurisdictions in which they operate and that these laws may include direct regulation of credit rating agencies that may incorporate elements of the code .
V njem je izrecno navedeno , da morajo bonitetne agencije spoštovati zakone in predpise pravnega reda , v katerem opravljajo dejavnost , in da lahko ti zakoni vključujejo neposredno ureditev bonitetnih agencij , ki lahko vsebuje elemente kodeksa .
In the US , where most of the credit rating agencies with significant EU activities have their parent companies , credit rating agencies have been subject to regulation and supervision since summer 200710 .
V ZDA , kjer ima večina bonitetnih agencij s pomembnejšimi dejavnostmi v EU svoja matična podjetja , bonitetne agencije od poletja 2007 poslujejo po predpisih in pod nadzorom .
Given the global nature of the rating business , it is important to level the playing field between the EU and the US by setting up a regulatory framework in the EU comparable to that applied in the US and based on the same principles .
10 Glede na globalni značaj bonitetne dejavnosti je pomembno izenačiti konkurenčne pogoje v EU in 5
The European Securities Markets Experts Group ( ESME ) is an advisory body to the Commission , composed of securities markets practitioners and experts set up by the Commission in April 2006 and governed by Commission Decision 2006/288 / EC of 30 March 2006 setting up a European Securities Markets Expert Group to provide legal and economic advice on the application of the EU securities Directives ( OJ L 106 , 19.4.2006 , p. 14 ) .
Strokovna skupina za evropske trge vrednostnih papirjev ( ESME ) je svetovalni organ Komisije , sestavljen iz udeležencev na trgu vrednostnih papirjev in strokovnjakov za ta trg , ki ga je Komisija ustanovila aprila 2006 in deluje v skladu s Sklepom Komisije 2006/288 / ES z dne 30 . marca 2006 o ustanovitvi strokovne skupine za evropske trge vrednostnih papirjev za zagotovitev pravnega in ekonomskega svetovanja glede uporabe direktiv EU o vrednostnih papirjih ( UL L 106 , 19.4.2006 , str .
Report of the FSF on Enhancing Market and Institutional Resilience , 7 April 2008 http://www.fsforum.org/publications/r_0804.pdf .
Report of the FSF on Enhancing Market and Institutional Resilience ( Poročilo FSF o krepitvi odpornosti trga in institucij ) , 7 . april 2008 , http://www.fsforum.org/publications/r_0804.pdf .
CGFS Papers No 32 : Ratings in structured finance : What went wrong and what can be done to address short comings ?
Dokument CGFS št . 32 : Ratings in structured finance : What went wrong and what can be done to address short comings ?
July 2008 , http://www.bis.org/publ/cgfs32.pdf ?
) , julij 2008 , http://www.bis.org/publ/cgfs32.pdf ?
For example , Standards and Poor 's presented a reform plan that included measures such as the appointment of an ombudsman for stakeholders , a public annual review of governance processes by an independent firm and client rotation for analysts .
Agencija Standards and Poor 's je na primer predstavila načrt reform , ki je vključeval ukrepe , kot so imenovanje varuha človekovih pravic za zainteresirane strani , javni letni pregled postopkov upravljanja , ki ga izvede neodvisno podjetje , in izmenjavanje strank za analitike .
Moody 's has taken measures to enhance the quality of the data used in the rating process .
Agencija Moody 's je sprejela ukrepe za izboljšanje kakovosti podatkov , uporabljenih v bonitetnem postopku .
Fitch has separated its non-rating businesses into a separate division and has made changes to its structured finance operations to support objectivity and consistency in the rating review process .
Agencija Fitch je svoje nebonitetno poslovanje prestavila v ločeni oddelek in uvedla spremembe pri svojih dejavnostih na področju strukturiranih finančnih instrumentov , da bi povečala objektivnost in doslednost postopka bonitetnega pregledovanja .
The US Credit Rating Agency Reform Act of 2006 entered into force on 27 June 2007 establishing a legal framework for the registration of NRSRO ( Nationally Recognized Statistical Rating Organizations ) . EN
Z Zakonom o reformi bonitetnih agencij ( Credit Rating Agency Reform Act ) ZDA iz leta 2006 , ki je začel veljati 27 . junija 2007 , je bil vzpostavljen pravni okvir za registracijo „nacionalno priznanih statističnih bonitetnih organizacij » ( NRSRO -- Nationally Recognized Statistical Rating Organizations ) .
In the light of these considerations , this proposal for a regulation has four overall objectives aiming at improving the process of issuance of credit ratings : -- first , to ensure that credit rating agencies avoid conflicts of interest in the rating process or at least manage them adequately ;
ZDA z določitvijo regulativnega okvira v EU , ki bi bil primerljiv s tistim v ZDA in bi temeljil na enakih načelih . Glede na te premisleke ima ta predlog uredbe štiri splošne cilje , usmerjene v izboljšanje postopka izdaje bonitetnih ocen : -- prvič , zagotoviti , da se bonitetne agencije izogibajo nasprotjem interesov v bonitetnem postopku ali da jih vsaj ustrezno obvladujejo ;
-- second , to improve the quality of the methodologies used by credit rating agencies and the quality of ratings ;
-- drugič , izboljšati kakovost metodologij , ki jih uporabljajo bonitetne agencije , in kakovost bonitetnih ocen ;
-- third , to increase transparency by setting disclosure obligations for credit rating agencies ;
-- tretjič , povečati preglednost z določitvijo obveznosti razkrivanja za bonitetne agencije ;
-- fourth , to ensure an efficient registration and surveillance framework , avoiding « forum shopping » and regulatory arbitrage between EU jurisdictions .
-- četrtič , zagotoviti učinkovit registracijski in nadzorni okvir , ki preprečuje izbiranje najugodnejšega pravnega reda ( „forum shopping ") in regulatorno arbitražo med pravnimi redi držav članic EU .
The Commission intends to develop the regulatory framework for the issuance of credit ratings in order to ensure a high level of investor confidence and consumer protection .
Komisija namerava razviti regulativni okvir za izdajo bonitetnih ocen , da bi zagotovila visoko raven zaupanja vlagateljev in zaščite potrošnikov .
Community law addresses only two specific aspects of credit rating : -- While credit ratings are not recommendations within the meaning of Directive 2003/125 / EC11 implementing the Market Abuse Directive12 , recital 10 of Directive 2003/125 / EC states that agencies should consider adopting internal policies and procedures designed to ensure that their credit ratings are fairly presented and that they appropriately disclose any significant interests or conflicts of interest concerning the financial instruments or the issuers to which their credit ratings relate .
Pravo Skupnosti se nanaša samo na dva podrobna vidika bonitetnih ocen : -- čeprav bonitetne ocene niso priporočila v smislu Direktive 2003/125 / ES11 o izvajanju Direktive o zlorabi trga12 , je v uvodni izjavi 10 Direktive 2003/125 / ES navedeno , da bi morale bonitetne agencije razmisliti o sprejetju internih politik in postopkov , oblikovanih za zagotovitev , da so njihove bonitetne ocene pošteno predstavljene in da ustrezno razkrivajo vse pomembne interese ali nasprotja interesov v zvezi s finančnimi instrumenti ali izdajatelji , na katere se bonitetne ocene nanašajo ;
-- The Capital Requirements Directive13 ( 2006/48 / EC ) provides for the use of external credit assessments to determine risk weights and the resulting capital requirements applied to a bank or investment firm 's exposure .
-- v Direktivi o kapitalskih zahtevah13 ( 2006/48 / ES ) je predvidena uporaba zunanjih bonitetnih ocen za določanje uteži tveganja in iz tega izhajajočih kapitalskih zahtev , ki se uporabljajo za izpostavljenost banke ali investicijskega podjetja .
An external credit assessment may only be used for this purpose if the External Credit Assessment Institution (' ECAI ') providing the risk assessment has been recognised by the competent authorities .
Zunanja bonitetna ocena se lahko v ta namen uporabi samo , če zunanjo bonitetno institucijo ( ECAI -- External Credit Assessment Institution ) , ki je izdelala oceno tveganja , priznavajo pristojni organi .
A recognition mechanism is outlined in Annex VI Part 2 of the Capital Requirements Directive .
V delu 2 Priloge VI Direktive o kapitalskih zahtevah je opisan mehanizem za priznavanje .
The competent national authorities may only recognise an ECAI if the latter complies with requirements such as objectivity , independence , ongoing review , credibility and transparency .
Pristojni nacionalni organi lahko ECAI priznajo samo , če ta izpolnjuje zahteve , kot so objektivnost , neodvisnost , nenehno preverjanje , verodostojnost in preglednost .
In order to promote convergence , the Committee of European Banking Supervisors ( CEBS ) has issued guidelines on the recognition of ECAIs14 .
Odbor evropskih bančnih nadzornikov ( CEBS -- -- Committee of European Banking Supervisors ) je za spodbujanje konvergence izdal Smernice za priznavanje ECAI14 .
14 Commission Directive 2003/125 / EC of 22 December 2003 implementing Directive 2003/6 / EC of the European Parliament and the Council as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest ( OJ L 339 24.12.2003 , p. 73 ) .
Direktiva Komisije 2003/125 / ES z dne 22 . decembra 2003 o izvajanju Direktive 2003/6 / ES Evropskega parlamenta in Sveta v zvezi s pravično predstavitvijo naložbenih priporočil in razkrivanjem nasprotij interesov ( UL L 339 , 24.12.2003 , str .
Directive 2003/6 / EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation ( OJ L 96 , 12.4.2003 , p. 16 ) .
Direktiva 2003/6 / ES Evropskega parlamenta in Sveta z dne 28 . januarja 2003 o trgovanju z notranjimi informacijami in tržni manipulaciji ( UL L 96 , 12.4.2003 , str .
Directive 2006/48 / EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions ( recast ) ( OJ L 177 , 30.6.2006 .
Direktiva 2006/48 / ES Evropskega parlamenta in Sveta z dne 14 . junija 2006 o začetku opravljanja in opravljanju dejavnosti kreditnih institucij ( preoblikovano ) ( UL L 177 , 30.6.2006 , str .
Guidelines on the recognition of External Credit Assessment Institutions of 20 January 2006 ( GL07 ) , http://www.c-ebs.org/formupload/41/413b2513-5084-4293-a386-16385b80411d.pdf . EN
Guidelines on the recognition of External Credit Assessment Institutions z dne 20 . januarja 2006 ( GL07 ) , http://www.c-ebs.org/formupload/41/413b2513-5084-4293-a386-16385b80411d.pdf .
As stated in Section 1.1 . , in autumn 2007 the Commission asked the Committee of European Securities Regulators ( CESR ) and the European Securities Markets Expert Group ( ESME ) to provide advice on various aspects of credit rating agencies » activity and role in the financial markets , especially in structured finance .
Kot je navedeno v oddelku 1.1 , je Komisija jeseni 2007 zaprosila Odbor evropskih zakonodajalcev za vrednostne papirje ( CESR -- Committee of European Securities Regulators ) in strokovno skupino za evropske trge vrednostnih papirjev ( ESME -- European Securities Markets Expert ) za nasvet glede različnih vidikov dejavnosti bonitetnih agencij in njihove vloge na finančnih trgih , zlasti v strukturiranem financiranju .
Both groups widely consulted stakeholders , giving the Commission a broader view and more evidence of the role of credit rating agencies in structured finance in the context of the subprime turmoil .
Skupini sta izvedli obširna posvetovanja z zainteresiranimi stranmi , kar je Komisiji omogočilo širši pogled in ji dalo več dokazov o vlogi bonitetnih agencij v strukturiranem financiranju v zvezi s pretresi na področju z velikim tveganjem .