(2)In its first advice, delivered on 21 May 2010, the CESR highlighted two areas (regarding the quality of methodologies and ratings, and with respect to the disclosure of ratings) where significant differences between the United States (US) and the Union frameworks persisted. Subsequently, following the entry into force of the Dodd-Frank Wall Street Reform and Consumer Protection Act on 21 July 2010, ESMA has updated its technical advice to the Commission indicating that the US legal and supervisory framework in respect of credit rating agencies could now be considered equivalent to Regulation (EC) No 1060/2009.