ESMA Allows EU-registered CRAs to Endorse Credit Ratings Issued in the US, Canada, Hong Kong and Singapore

The European Securities and Markets Authority (ESMA) has announced that after its assessment of the regulatory frameworks for credit rating agencies (CRAs) of the U.S., Cananda, Hong Kong and Singapore it has concluded that it considers these frameworks to be in line with European rules. This announcement "allows European financial institutions to continue using for regulatory purposes credit ratings issued in these countries after 30 April 2012."