Recital 1

(1)On 12 June 2009 the Commission granted a mandate to the Committee of European Securities Regulators (CESR), whose tasks have been assumed by the European Securities and Markets Authority established on 1 January 2011 pursuant to Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority) ² (ESMA), requesting their technical advice with regard to the technical assessment of the legal and supervisory framework of the USA in respect of credit rating agencies.