2024-06-18

EuroRating resigned from the registration in the EU

Due to the constantly increasing regulatory requirements and related rising costs in recent years, disproportionate to the scale of operations of small credit rating agencies, and the simultaneous lack of demand for public credit ratings on the Polish capital market, EuroRating submitted a request to ESMA to withdraw the Company's registration as a credit rating agency authorized to issue public credit ratings in the EU.

At the company's request, ESMA issued a decision to withdraw the formal registration of EuroRating in the EU. This decision entered into force on June 18, 2024.

Pursuant to Article 24 point 4 of the Regulation No. 1060/2009, public credit ratings previously assigned by EuroRating may continue to be used for regulatory purposes after ESMA issues a decision to withdraw the agency's registration in the EU for the period of:

  • ten working days from the date of publication of ESMA's decision, if there are credit ratings of the same financial instrument or entity issued by other credit rating agencies registered in the EU; or
  • three months from the date of publication of ESMA's decision, if there are no credit ratings of the same financial instrument or entity issued by other credit rating agencies registered in the EU.

After the company's resignation from the formal registration in the EU, EuroRating continues to operate as a credit rating agency, but it focuses on issuing private credit ratings (one-off and monitored), which are not subject to the regime of the Regulation No. 1060/2009 and do not require registration in the EU.