1.CESR shall provide advice to the competent authorities in the cases provided for in this Regulation. The competent authorities shall consider that advice before taking any final decision under this Regulation.
2.By 7 June 2010, CESR shall issue guidance on:
(a)the registration process and coordination arrangements between competent authorities and with CESR, including on the information set out in Annex II, and language regime for applications submitted to CESR;
(b)the operational functioning of the colleges, including on the modalities for determining the membership to the colleges, the application of the criteria for the selection of the facilitator referred to in Article 29(5)(a) to (d), the written arrangements for the operation of colleges and the coordination arrangements between colleges;
(c)the application of the endorsement regime under Article 4(3) by competent authorities; and
3.By 7 September 2010, CESR shall issue guidance on:
(a)enforcement practices and activities to be conducted by competent authorities under this Regulation;
(c)types of measures referred to in Article 24(1)(d) to ensure that credit rating agencies continue to comply with legal requirements; and
5.CESR shall cooperate with the Committee of European Banking Supervisors established by Commission Decision 2009/78/EC ( 23 ) and the Committee of European Insurance and Occupational Pensions Supervisors established by Commission Decision 2009/79/EC ( 24 ) and shall consult those Committees before publishing guidance referred to in paragraphs 2 and 3.
1.Without prejudice to Article 25a, ESMA shall ensure that this Regulation is applied.
2.In accordance with Article 16 of Regulation (EU) No 1095/2010, ESMA shall issue and update guidelines on the cooperation between ESMA, the competent authorities and the sectoral competent authorities for the purposes of this Regulation and for those of the relevant sectoral legislation, including the procedures and detailed conditions relating to the delegation of tasks.
3.In accordance with Article 16 of Regulation (EU) No 1095/2010, ESMA shall, in cooperation with EBA and EIOPA, issue and update guidelines on the application of the endorsement regime under Article 4(3) of this Regulation by 7 June 2011.
4.By 2 January 2012 ESMA shall submit draft regulatory technical standards for endorsement by the Commission in accordance with Article 10 of Regulation (EU) No 1095/2010 on:
(a)the information to be provided by a credit rating agency in its application for registration as set out in Annex II;
(b)(d) information that the credit rating agency must provide for the application for certification and for the assessment of its systemic importance to the financial stability or integrity of financial markets referred to in Article 5.5;
(c)(d) common standards on the presentation of the information, including structure, format, method and period of reporting, that credit rating agencies shall disclose in accordance with Article 11(2) and point 1 of Part II of Section E of Annex I.I;
(d)(b) common standards forthe assessment of compliance of credit rating methodologies with the requirements set out in Article 8(3);
(e)the content and format of ratings data periodic reporting to be requested from the credit rating agencies for the purpose of ongoing supervision by ESMA.
5.4. CESRESMA shall publish, annually and for the first time by 71 DecemberJanuary 2010,2012, a report on the application of this Regulation. That report shall contain, in particular, an assessment of the implementation of Annex I by the credit rating agencies registered under this Regulation.
6.ESMA shall present annually to the European Parliament, the Council and the Commission a report on supervisory measures taken and penalties imposed by ESMA under this Regulation, including fines and periodic penalty payments.
7.ESMA shall cooperate with EBA and EIOPA in performing its tasks and shall consult EBA and EIOPA before issuing and updating guidelines and submitting draft regulatory technical standards referred to in paragraphs 2, 3 and 4.