Regulatory Alerts2011-06-17
Law 15/2011, of June 16, amending certain financial rules to apply Regulation (EC) No 1060/2009 on Credit Rating Agencies
The King of Spain, acting on the approval of the General Courts, enacted Law 15/2011 to amend Spanish financial legislation in order to implement EU Regulation 1060/2009 regarding credit rating agencies. The law mandates that specific financial entities, including credit institutions and investment firms, must utilize credit ratings issued by agencies registered or certified under the EU Regulation. Furthermore, it expands the supervisory and inspection powers of the Spanish National Securities Market Commission (CNMV) to include credit rating agencies and their related entities, ensuring alignment with the emerging European supervisory framework.
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