Moody’s parent company to apply to CySEC for an operating license in Cyprus

Cyprus Securities and Exchange Commission (CySEC) expects that the parent company of Moody's Investors Service, which is already registered in Cyprus, will shortly submit an application to acquire an operating license as a Credit Rating Agency (CRA) according to the new European Regulations.

CySEC Chairman George Charalambous told the House Finance Committee on Monday that Cyprus has a huge responsibility towards the EU to participate to the licensing and supervision of Moody’s and noted that the Commission will have to submit reports on a regular basis to the European Securities and Markets Authority (ESMA) with regard to its monitoring of Moody’s functioning.

He also noted that approximately five of Moody’s affiliated companies function in other European companies.