31.5.2013 Official Journal of the European Union L 146/1 | (Legislative acts) REGULATIONS REGULATION (EU) No 462/2013 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 21 May 2013 amending Regulation (EC) No 1060/2009 on credit rating agencies (Text with EEA relevance) THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof, Having regard to the proposal from the European Commission, After transmission of the draft legislative act to the national parliaments, Having regard to the opinion of the European Central Bank (!), Having regard to the opinion of the European Economic and Social Committee (2), Acting in accordance with the ordinary legislative procedure (%), Whereas: (1) Regulation (EC) No 1060/2009 of the European Parliament and of the Council () requires credit rating agencies to comply with rules of conduct in order to mitigate possible conflicts of interest, and to ensure high quality and sufficient transparency of credit ratings and the rating process. Following the amendments introduced by Regulation (EU) No 513/2011 of the European Parliament and of the Council (°), the European Supervisory Authority (European Securities and Markets Authority) (ESMA), established by Regu- lation (EU) No 1095/2010 of the European Parliament and of the Council (°), has been empowered to register () O C 167, 13.6.2012, p. 2. () O] C 181, 21.6.2012, p. 68. (’) Position of the European Parliament of 16 January 2013 (not yet published in the Official Journal) and decision of the Council of 13 May 2013. (% OJ L 302, 17.11.2009, p. 1. (°) OJ L 145, 31.5.2011, p. 30. () OJ L 331, 15.12.2010, p. 84. and supervise credit rating agencies. This Regulation complements the current regulatory framework for credit rating agencies. Some of the most important issues, such as conflicts of interest due to the issuer- pays model and disclosure for structured finance instru- ments, have been addressed and the framework will need to be reviewed after having been in place for a reasonable period of time to assess whether it fully resolves those issues. Meanwhile the need to review transparency, procedural requirements and the timing of publication specifically for sovereign ratings was highlighted by the current sovereign debt crisis. (2)  The European Parliament’s resolution of 8 June 2011 on credit rating agencies: future perspectives (’), called for enhanced regulation of credit rating agencies. At its informal meeting of 30 September and 1 October 2010, the Ecofin Council acknowledged that further efforts should be made to address a number of issues related to credit rating activities, including the risk of over-reliance on credit ratings and the risk of conflicts of interest stemming from the remuneration model of credit rating agencies. The European Council of 23 October 2011 concluded that progress is needed on reducing over-reliance on credit ratings. (3) At the international level, the Financial Stability Board (FSB), of which the European Central Bank (ECB) is a member institution, endorsed on 20 October 2010 prin- ciples to reduce the reliance of authorities and of financial institutions on credit ratings (the FSB prin- ciples). The FSB principles were endorsed by the G20 Seoul Summit in November 2010. It is therefore appro- priate that the sectoral competent authorities assess market participants’ practices and encourage those market participants to mitigate the impact of such prac- tices. The sectoral competent authorities should decide upon the measures for encouragement. ESMA, where appropriate in cooperation with the European Super- visory Authority (European Banking Authority), estab- lished by Regulation (EU) No 1093/2010 of the () O] C 380 E, 11.12.2012, p. 24.