Feri EuroRating Services AG CRA registration withdrawn following acquisitionPrint
The European Securities and Markets Authority (ESMA) has today withdrawn the credit rating agency (CRA) registration of Feri EuroRating Services AG (Feri EuroRating).
The withdrawal decision follows the official notification to ESMA by Scope Ratings AG (Scope Ratings) on 24 January 2017 of Feri EuroRating’s intention to renounce its registration under the conditions set out in Article 20(1)(a) of the CRA Regulation, as it no longer performed credit rating activities and no longer existed as a separate legal person.
Feri EuroRating was acquired by Scope KGaA, the parent company of Scope Ratings (a registered CRA), on 1 August 2016. Subsequently, all of Feri EuroRating’s corporate and sovereign credit rating-related activities, and its internal control functions, were transferred to Scope Ratings. All the remaining activities of Feri EuroRating are now undertaken by other subsidiaries of Scope SE & Co. KGaA.
ESMA confirms that Feri EuroRating effectively stopped its rating activities.
Point (a) of Article 20(1) of the CRA Regulation provides that without prejudice to Article 24, ESMA shall withdraw the registration of a credit rating agency where the credit rating agency expressly renounces the registration or has provided no credit ratings for the preceding six months.