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Reset all filtersDate | Ref. | Title | Section | Type | Download | Info | Summary | Related Documents | Translated versions |
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15/11/2018 | ESMA70-145-1081 | Annual report on administrative and criminal sanctions and other administrative measures under MAR | Market Abuse, Market Integrity | Annual Report | PDF 158.47 KB |
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14/12/2020 | ESMA 33-9-383 | CRA Market Share Calculation 2020 | Credit Rating Agencies | Annual Report | PDF 511.26 KB |
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04/12/2018 | ESMA33-9-281 | CRA market share report | Credit Rating Agencies | Annual Report | PDF 827.25 KB |
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19/02/2019 | ESMA80-199-273 | ESMA supervision 2019 work plan and annual report 2018 | Credit Rating Agencies | Annual Report | PDF 622.46 KB |
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16/02/2015 | 2015/280 | ESMA supervision of Credit Rating Agencies and Trade Repositories | Corporate Information, Credit Rating Agencies, Post Trading | Annual Report | PDF 891.95 KB |
This document reports on the direct supervisory activities carried out by ESMA during 2014 regarding credit rating agencies (CRAs) and trade repositories (TRs) within the European Union (EU). It sets out ESMAs key areas of action during 2014 and outlines ESMA’s main priorities for 2015. | |||
09/03/2020 | ESMA80-199-332 | ESMA Supervision- Annual Report 2019 and Work Programme 2020 | Benchmarks, Credit Rating Agencies, Securities Financing Transactions, Securitisation, Trade Repositories | Annual Report | PDF 825.72 KB |
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30/07/2015 | 2015/1236 | ESMA's advice to the European Parliament, the Council and the Commission on the application of the AIFMD passport to non-EU AIFMs and AIFs | Fund Management | Technical Advice | PDF 1.36 MB |
Executive summary Reasons for publication In accordance with Articles 36 and 42 of the Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD), non-EU alternative investment fund managers (AIFMs) and non-EU alternative investment funds (AIFs) managed by EU AIFMs are subject to the national private placement regime (NPPR) of each of the Member States where the AIFs are marketed or managed. However, the AIFMD makes provision for the passport, which is currently reserved to EU AIFMs and AIFs, to be potentially extended in future. Article 67(1) of the AIFMD establishes that, by 22 July 2015, ESMA shall issue to the European Parliament, the Council and the Commission advice on the application of the passport to non-EU AIFMs and AIFs in accordance with the rules set out in Article 35 and 37 to 41 of the AIFMD. This document sets out ESMA’s advice on the application of the passport to six non-EU countries: Guernsey, Hong Kong, Jersey, Switzerland, Singapore and the United States. Contents Section 1 of the advice sets out the background to ESMA’s work, while the detailed assessment of each of the aforementioned non-EU countries is contained in section 2. Annexes 1 to 7 contain a summary of the feedback to the call for evidence that ESMA launched in November 2014. Annex 8 gives a detailed breakdown by non-EU country of the number of non-EU AIFs and non-EU AIFMs active in Member States in accordance with Articles 36 and 42 of the AIFMD. Next Steps ESMA will continue to work on its assessment of other non-EU countries not covered in this advice with a view to delivering further submissions to the European Parliament, the Council and the Commission in the coming months. For those non-EU jurisdictions with which there are currently no supervisory cooperation arrangements in place for the purposes of the AIFMD, ESMA will continue its efforts to agree a MoU with the authorities concerned. | |||
28/11/2014 | 2014/1417 | ESMA's technical advice to the European Commission on delegated acts required by the UCITS V Directive | Fund Management | Technical Advice | PDF 469.49 KB |
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08/02/2018 | ESMA80-199-153 | ESMA’s supervision of credit rating agencies, trade repositories and monitoring of third country central counterparties- 2017 Annual Report and 2018 Work Programme | Credit Rating Agencies | Annual Report | PDF 1.03 MB |
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03/02/2015 | 2015/224 | ESMA’s technical advice on possible delegated acts concerning the Market Abuse Regulation | Market Abuse | Technical Advice | PDF 1021.03 KB |
This advice:• specifies the MAR market manipulation indicators, by providing examples of practices that may constitute market manipulation as well as proposing “additional” indicators of market manipulation; • recommends to set the minimum thresholds that exempt certain market participants in the emission allowance market from publicly disclosing inside information at six million tonnes of CO2eq per year and at 2,430 MW rated thermal input;• suggests the way to determine to which regulator delays in disclosure of inside information needs to be notified. • provides clarifications on the enhanced disclosure of managers’ transactions. - ESMA recommends disclosing any acquisition, disposal, subscription or exchange of financial instruments of the relevant issuer or related financial instruments carried out by managers,, further illustrated through a non-exhaustive list of types of transactions subject to this obligation. . ESMA also clarifies the transactions that can be allowed by the issuer during a closed period when normally managers are prohibited to trade; and• proposes procedures and arrangements to ensure sound whistleblowing infrastructures – i.e. EU national regulators should allow the receipt of reports of infringements, including appropriate communication channels and guarantee the protection of reporting and reported persons, with respect to their identity and their personal data. Next steps ESMA has sent its technical advice to the European Commission for its consideration in drafting its implementing standards regarding MAR. ESMA’s regulatory technical standards regarding MAR will be delivered in July 2015. | |||
12/09/2016 | 2016/1140 | Final advice on AIFMD passport | Fund Management | Technical Advice | PDF 621.95 KB |
This version of the advice includes the following clarifications with respect to the assessment of the Isle of Man:
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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 |
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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 |
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16/02/2015 | 2015/227 | Final Report- ESMA’s technical advice to the European Commission on the delegated acts of the Regulations on European Social Entrepreneurship Funds and European Venture Capital Funds | Fund Management | Technical Advice | PDF 609.09 KB |
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17/09/2014 | 2014/850rev | Technical Advice in accordance with Article 39(b) 2 of the CRA Regulation | Credit Rating Agencies | Technical Advice | PDF 370.42 KB |
This document has been revised to reflect an amended figure in Table 1 and two re-classifications of solicitation status in Table 2. Article 39b(2) of the CRA Regulation states that the European Commission shall adopt a report by end 2014 – after receiving ESMA’s technical advice – on the appropriateness of the development of a European creditworthiness assessment for sovereign debt. In its request for advice, the Commission asked ESMA to provide input on the issue of sovereign ratings and rating processes including an overview of the market for sovereign ratings, information on operational issues regarding sovereign ratings, information on sovereign rating processes as well as lessons drawn from ESMA’s supervisory experience. Contents For the purposes of this advice, ESMA provides its views based on the quantitative information contained in the CEREP public database and on information publicly disclosed by credit rating agencies registered with ESMA. Additionally, ESMA’s advice has been informed by its first supervisory activities regarding the rating process for sovereign ratings of CRAs which are active in the EU sovereign rating market. In accordance with the CRA Regulation, these supervisory activities did not address the content of the sovereign methodologies themselves but rather were concerned with the independence, transparency and governance of the sovereign rating process. Sovereign credit ratings play a crucial role from a credit market and financial stability perspective, not least because sovereign governments account for the largest group of borrowers in capital markets in terms of volume. In addition the crucial importance of these sovereign ratings can be amplified by the “cascade” effect sovereign ratings have on other asset classes via their presence as factors in other asset methodologies. In the EU the sovereign rating market is composed of nine CRAs established in nine different EU member states. These nine CRAs exhibit a high level of variation with respect to the type and number of sovereign ratings they assign. Sovereign credit ratings themselves can also be differentiated in various ways depending on such factors as local/foreign currency, duration of issuance, whether the rating applies to a specific issuer or issuance and if it is solicited or unsolicited. In addition ESMA would like to emphasise the following points which it believes to be important when considering the appropriateness of the development of a European creditworthiness assessment of sovereign debt. | |||
02/10/2015 | 2015/1472 | Technical Advice on Competition, Choice and Conflicts of Interest in the CRA industry | Credit Rating Agencies | Technical Advice | PDF 2.48 MB |
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31/05/2013 | 2013/626 | Technical advice on CRA regulatory equivalence on Argentina, Brazil, Mexico, Hong Kong and Singapore | Credit Rating Agencies | Technical Advice | PDF 840.48 KB |
The European Securities and Markets Authority (ESMA) has provided advice to the European Commission in respect of the equivalence between the EU regulatory regime for credit rating agencies and the respective legal and supervisory frameworks of Argentina, Brazil, Mexico, Hong Kong and Singapore. This is in response to the European Commission’s request for technical advice from ESMA on the equivalence of these jurisdictions legal and supervisory frameworks with the EU regulatory regime for credit rating agencies as set out in Regulation (EC) No. 1060/2009 of the European Parliament and the Council on credit rating agencies. The European Commission has already published equivalence decisions on US, Canada and Australia, on 9 October 2012, and on Japan, 28 October 2010. Regarding compliance with the EU requirements on endorsement, ESMA has already indicated that it considers the legal and regulatory regime for CRAs supervision of the following countries as “as stringent as” the EU requirements: 15 March 2012, Hong Kong and Singapore; 18 April 2012, Argentina and Mexico; 27 April 2012, Brazil. | |||
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. | |||
02/10/2015 | 2015/1471 | Technical Advice on Reducing Sole and Mechanistic Reliance on Credit Ratings | Credit Rating Agencies | Technical Advice | PDF 1.1 MB |
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18/07/2019 | ESMA33-9-321 | Technical Advice on Sustainability Considerations in the Credit Rating Market | Credit Rating Agencies | Technical Advice | PDF 451.01 KB |