17.11.2009 Official Journal of the European Union L 302/1 (Acts adopted under the EC Treaty/Euratom Treaty whose publication is obligatory) REGULATIONS REGULATION (EC) No 1060/2009 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 September 2009 on credit rating agencies (Text with EEA relevance) THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EURO- PEAN UNION, Having regard to the Treaty establishing the European Commu- nity, and in particular Article 95 thereof, Having regard to the proposal from the Commission, Having regard to the opinion of the European Economic and Social Committee (1), Having regard to the opinion of the European Central Bank (?), Acting in accordance with the procedure laid down in Article 251 of the Treaty (3), Whereas: (1) Credit rating agencies play an important role in global securities and banking markets, as their credit ratings are used by investors, borrowers, issuers and governments as part of making informed investment and financing deci- sions. Credit institutions, investment firms, insurance undertakings, assurance undertakings, reinsurance under- takings, undertakings for collective investment in transfer- able securities (UCITS) and institutions for occupational retirement provision may use those credit ratings as the reference for the calculation of their capital requirements for solvency purposes or for calculating risks in their investment activity. Consequently, credit ratings have a sig- nificant impact on the operation of the markets and on the (1) Opinion of 13 May 2009 (not yet published in the Official Journal). (2) 0] C 115, 20.5.2009, p. 1. (*) Opinion of the European Parliament of 23 April 2009 (not yet pub- lished in the Official Journal) and Council Decision of 27 July 2009. trust and confidence of investors and consumers. It is essential, therefore, that credit rating activities are con- ducted in accordance with the principles of integrity, trans- parency, responsibility and good governance in order to ensure that resulting credit ratings used in the Community are independent, objective and of adequate quality. (2)  Currently, most credit rating agencies have their headquar- ters outside the Community. Most Member States do not regulate the activities of credit rating agencies or the con- ditions for the issuing of credit ratings. Despite their sig- nificant importance for the functioning of the financial markets, credit rating agencies are subject to Community law only in limited areas, notably under Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipu- lation (#). Moreover, Directive 2006/48/EC of the Euro- pean Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (°) and Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions (6) refer to credit rating agencies. It is therefore important to lay down rules ensuring that all credit ratings issued by the credit rating agencies registered in the Com- munity are of adequate quality and issued by credit rating agencies subject to stringent requirements. The Commis- sion will continue to work with its international partners to ensure convergence of the rules applying to credit rat- ing agencies. It should be possible to exempt certain cen- tral banks issuing credit ratings from this Regulation provided that they fulfil the relevant applicable conditions which ensure the independence and integrity of their credit rating activities and which are as stringent as the require- ments provided for in this Regulation. () OJ L 96, 12.4.2003, p. 16. () OJ L 177, 30.6.2006, p. 1. () OJ L 177, 30.6.2006, p. 201.