The European Securities and Markets Authority (ESMA) has finalised its Technical Advice to the European Commission on the feasibility of a network of small and medium sized credit rating agencies (CRAs) in order to increase competition in the market.

The technical advice provides quantitative and qualitative information on small and medium-sized CRAs in the EU, based on the analysis of the periodic reporting obligations of CRAs to ESMA via the central repository CEREP.

It also covers some information regarding possible barriers to entry for companies that wish to conduct rating activity in the EU.

Technical Advice 2013/1703