This note provides an overview of international, EU and UK regulatory measures relating to the supervision and regulation of credit rating agencies (CRAs) and a guide to Practical Law's materials on these issues.

CRAs are expected to observe international supervisory standards set primarily by the International Organization of Securities Commissions (IOSCO). CRAs that operate in the EU are subject to direct regulation under the CRA Regulation (1060/2009) and direct supervision by the European Securities and Markets Authority (ESMA). CRAs operating in the UK are regulated by the FCA under the retained EU law version of the CRA Regulation (UK CRA Regulation).