ESMA LIBRARY
The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
41
REFINE YOUR SEARCH
Sections
- Post Trading (13) Apply Post Trading filter
- Credit Rating Agencies (9) Apply Credit Rating Agencies filter
- Fund Management (6) Apply Fund Management filter
- Careers (3) Apply Careers filter
- Corporate Disclosure (3) Apply Corporate Disclosure filter
- MiFID - Secondary Markets (3) Apply MiFID - Secondary Markets filter
- Prospectus (3) Apply Prospectus filter
- Vacancies (3) Apply Vacancies filter
- Short Selling (2) Apply Short Selling filter
- CESR Archive (1) Apply CESR Archive filter
- Market Abuse (1) Apply Market Abuse filter
- Market Integrity (1) Apply Market Integrity filter
- MiFID - Investor Protection (1) Apply MiFID - Investor Protection filter
- Securitisation (1) Apply Securitisation filter
Type of document
- (-) Remove Technical Advice filter Technical Advice
- (-) Remove Vacancy filter Vacancy
- Reference (751) Apply Reference filter
- Guidelines & Recommendations (575) Apply Guidelines & Recommendations filter
- Press Release (531) Apply Press Release filter
- Final Report (460) Apply Final Report filter
- Letter (385) Apply Letter filter
- Consultation Paper (364) Apply Consultation Paper filter
- Speech (165) Apply Speech filter
- CESR Document (114) Apply CESR Document filter
- Opinion (100) Apply Opinion filter
- Annual Report (95) Apply Annual Report filter
- Investor Warning (93) Apply Investor Warning filter
- Statement (90) Apply Statement filter
- Report (78) Apply Report filter
- Summary of Conclusions (71) Apply Summary of Conclusions filter
- CLOSED Procedure (57) Apply CLOSED Procedure filter
- SMSG Advice (57) Apply SMSG Advice filter
- Q&A (37) Apply Q&A filter
- Compliance table (35) Apply Compliance table filter
- Decision (35) Apply Decision filter
- Technical Standards (34) Apply Technical Standards filter
Your filters Reset all filters
| Date | Ref. | Title | Section | Type | Download | Info | Summary | Related Documents | Translated versions |
|---|---|---|---|---|---|---|---|---|---|
| 09/06/2010 | 10-333 | Technical Advice- The Equivalence between the Japanese Regulatory and Supervisory Framework and the EU Regulatory Regime for Credit Rating Agencies | CESR Archive, Credit Rating Agencies | Technical Advice | PDF 4.59 MB |
||||
| 17/05/2011 | 2011/144 | Final advice- ESMA´s Technical Advice to the Commission on Fees for CRAs | Credit Rating Agencies | Technical Advice | PDF 1.72 MB |
||||
| 04/10/2011 | 2011/323 | Final report- ESMA's technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU | Prospectus, Corporate Disclosure | Technical Advice | PDF 797.56 KB |
||||
| 16/11/2011 | 2011/379 | Final report- ESMA's technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive | Fund Management | Technical Advice | PDF 3.51 MB |
||||
| 01/03/2012 | 2012/137 | ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU | Prospectus, Corporate Disclosure | Technical Advice | PDF 1.32 MB |
ESMA publishes today the second part of its final advice (ESMA/2012/137) on possible delegated acts for the Prospectus Directive (PD). The advice was submitted to the Commission on 29 February 2012. In its advice, ESMA proposes how to use a prospectus in a retail cascade and provides input on how to review the provisions of the Prospectus Regulation concerning tax information, indices, auditor’s report on profit forecasts and estimates and audited historical financial information. Today’s advice follows a public consultation started on 13 December 2011. Overall, the technical advice aims to achieve a high level of investor protection and to increase across Europe the legal clarity and efficiency of the prospectus regime. Investment prospectuses as such are aimed to provide investors with easily accessible information on financial products so as to foster in-formed decision-making. | |||
| 20/04/2012 | 2012/236 | ESMA's Technical Advice on possible delegated acts of the short-selling and certain aspects of CDS | Short Selling, Market Integrity | Technical Advice | PDF 509.39 KB |
||||
| 18/04/2012 | 2012/259 | Technical advice on CRA regulatory equivalence- US, Canada and Australia | Credit Rating Agencies | Technical Advice | PDF 697.78 KB |
On 12 June 2009 the European Commission requested CESR, now ESMA, to provide its technical advice on the equivalence between the legal and supervisory framework of Japan, The United States, and Canada with the EU regulatory regime for credit rating agencies. (Regulation (EC) No. 1060/2009 of the European Parliament and the Council on credit rating agencies ). On 17 November 2009, the Commission also requested CESR to provide its technical advice on Australia. On 28 September 2010, the European Commission published an equivalence decision on Japan. With regard to the compliance with the EU requirements on endorsement, ESMA had already indicated that it considers the legal and regulatory regime for CRAs supervision of the following countries as “as stringent as” the EU requirements: - On 22 December 2011, Japan and Australia; - On 15 March 2012, US, Canada, Hong Kong and Singapore. This report sets out ESMA’s advice to the European Commission in respect of the equivalence between the US (Part I), Canada (Part II) and Australia (Part III) respective legal and supervisory frameworks and the EU regulatory regime for credit rating agencies. | |||
| 09/01/2013 | 2012/864 | ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU | Prospectus, Corporate Disclosure | Technical Advice | PDF 1.23 MB |
||||
| 03/06/2013 | 2013-614 | ESMA’s technical advice on short selling regulation | Short Selling | Technical Advice | PDF 2.3 MB |
Final Report 2013/614 ESMA‘s technical advice on the evaluation of the Regulation (EU) 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps | |||
| 03/09/2013 | 2013/1157 | Technical advice on third country regulatory equivalence under EMIR – US | Post Trading | Technical Advice | PDF 5.06 MB |
||||
| 03/09/2013 | 2013/1158 | Technical advice on third country regulatory equivalence under EMIR – Japan | Post Trading | Technical Advice | PDF 3.76 MB |
||||
| 03/09/2013 | 2013/1159 | Technical advice on third country regulatory equivalence under EMIR – Australia | Post Trading | Technical Advice | PDF 3.82 MB |
||||
| 03/09/2013 | 2013/1160 | Technical advice on third country regulatory equivalence under EMIR – Hong Kong | Post Trading | Technical Advice | PDF 3.57 MB |
||||
| 03/09/2013 | 2013/1161 | Technical advice on third country regulatory equivalence under EMIR – Singapore | Post Trading | Technical Advice | PDF 3.55 MB |
||||
| 03/09/2013 | 2013/1162 | Technical advice on third country regulatory equivalence under EMIR – Switzerland | Post Trading | Technical Advice | PDF 3.65 MB |
||||
| 02/10/2013 | 2013/1369 | ESMA Technical advice on equivalence of Hong Kong for OTC and TR (Supplement) | Post Trading | Technical Advice | PDF 124.15 KB |
||||
| 02/10/2013 | 2013/1371 | ESMA Technical advice on equivalence of South Korea for CCPs | Post Trading | Technical Advice | PDF 1.83 MB |
||||
| 02/10/2013 | 2013/1372 | ESMA Technical advice on equivalence of Singapore for TRs (Supplement) | Post Trading | Technical Advice | PDF 500.37 KB |
||||
| 21/11/2013 | 2013/1703 | Technical Advice on the feasibility of a network of small and medium-sized CRAs | Credit Rating Agencies | Technical Advice | PDF 601.05 KB |
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 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. Contents The main findings of the advice are: • The 22 registered CRAs are established in 11 EU Member States; • None of the small and medium-sized CRAs cover the whole range of the five rating classes considered (corporates (non-financial), financials, insurance, sovereign and public finance, and structured finance). Whilst DBRS and BCRA cover four and three classes respectively, all the remaining small and medium-sized CRAs cover one or two rating classes only. This contrasts with Fitch, Moody’s and S&P that issue ratings for all five possible rating classes; • Small and medium-sized CRAs are mainly active in issuing corporate ratings. Within this rating type, four small and medium-sized CRAs issue a relatively high number of corporate ratings (CERVED and ICAP) or financial and insurance ratings (GBB and AM Best); • Only 6 of the small and medium-sized CRAs provide sovereign ratings (BCRA, Capital Intelligence, DBRS, European Rating, Feri Euro Rating (Feri) and Japan Credit Rating Agency (JCR)), whilst only one (DBRS) issues structured finance ratings; • As of end 2012 the majority of small and medium-sized CRAs issued solicited ratings only, whilst eight issued unsolicited ratings only. Three small and medium-sized CRAs (DBRS, JCR, and Scope) issued both solicited and unsolicited ratings, as was the case also for Fitch, Moody’s and S&P; • As regards geographical coverage of the small and medium-sized CRAs 6 out of 19 (AM Best, Capital Intelligence, Creditreform, DBRS, JCR and Scope) have a coverage that goes beyond one Member State when referring to corporate ratings. As regards the sovereign ratings type, three of the small and medium-sized CRAs cover more than one Member State (Capital Intelligence, Feri and JCR). In both of these ratings types, Fitch, Moody’s and S&P’s rating activities cover all Member States of the EU; • In 2013, 96% of the supervisory fees were paid by S&P, Moody’s, and Fitch, while their turnover from rating and ancillary services was equal to 88% of the total turnover of the 20 registered and certified CRAs in 2012: and • As of July 2013, 14 out of 19 small and medium-sized CRAs have been granted at least one of the regulatory exemptions provided for in the CRA Regulation. Finally, and with reference to the current situation in the segment of small and medium-sized CRAs, ESMA is not aware of any private networks of small and medium-sized CRAs currently in place. | |||
| 19/12/2013 | 2013/1953 | Technical Advice to the European Commission on the equivalence between the Argentinean regulatory and supervisory framework and the EU regulatory regime for CRAs | Credit Rating Agencies | Technical Advice | PDF 143.15 KB |