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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
04/04/2017 33-9-149 Update of the guidelines on the application of the endorsement regime under Article 4(3) of the Credit Rating Agencies Regulation Consultation Paper PDF
1.08 MB

Endorsement is one of two regimes provided in the CRA Regulation that allow credit ratings issued in a third country to be used for regulatory purposes in the EU – the other being equivalence/certification. Article 21(3) of the CRA Regulation requires ESMA to issue and update guidelines on the application of the endorsement regime specified under Article 4(3) of the same Regulation. This Consultation Paper proposes to update the previously issued 2011 Guidelines on Endorsement.
The proposed update of the 2011 Guidelines on Endorsement is mainly driven by the need to reflect the changes to Articles 6-12 and Annex I introduced by CRA 3, which will enter into force for the purposes of equivalence and endorsement on 1 June 2018. On that basis, ESMA has to update the Methodological Framework on which ESMA relies for assessing a third-country legal and supervisory framework for the purposes of endorsement and equivalence. This Methodological Framework is provided in Annex II of the 2011 Guidelines on Endorsement. By 1 June 2018, ESMA should also have completed a reassessment of all the previously assessed third-country legal and regulatory frameworks against the new requirements based on the updated Methodological Framework (provided in Annex III).


ESMA has taken this opportunity to reassess its approach to endorsement more broadly, based on the supervisory experience acquired since the adoption of the 2011 Guidelines on Endorsement. The proposed changes and clarification of the 2011 Guidelines on Endorsement focus in particular on ESMA’s understanding of points (b), (c), (d), and (e) of Article 4(3) of the CRA Regulation.
Furthermore, some parts of the 2011 Guidelines on Endorsement relate to the establishment of ESMA, the initial registration of CRAs and various transitional arrangements. The proposed updated Guidelines on Endorsement do not include these parts, as they are no longer relevant. Finally, some information in the 2011 Guidelines on Endorsement was not addressed to market participants but referred to ESMA’s internal processes. This information has also been excluded from the proposed updated guidelines on Endorsement, but is, for context, summarised in Section 4 of this Consultation Paper.
 

04/04/2016 2016/225 ToR IPISC Reference PDF
115.58 KB
11/02/2016 2016/215 ToR CRSC Reference PDF
131.23 KB
04/04/2016 2016/219 ToR CRA TC Reference PDF
204.41 KB
09/11/2018 ESMA35-36-1262 Technical Q&As on product intervention measures on CFDs and binary options Q&A PDF
147.84 KB
11/07/2019 ESMA41-137-1151 Swedbank- PUBLIC NOTICE Reference PDF
100.89 KB
11/07/2019 ESMA41-137-1148 Svenska Handelsbanken AB- PUBLIC NOTICE Reference PDF
100.13 KB
27/10/2017 ESMA32-63-364 Summary of results of the fact finding exercise on IFRS 9 and IFRS 15 , Reference PDF
292.46 KB
22/10/2015 2015/1597 Standard form for major holdings , Reference DOCX
350.81 KB
22/10/2015 2015/1596 Standard form for disclosure of Home Member State , Reference DOCX
344.53 KB
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25/01/2016 2016/96 Slides from ESMA’s Open Hearing on validation and review of CRAs’ methodologies Consultation Paper PDF
253.19 KB
11/07/2019 ESMA41-137-1146 SEB- PUBLIC NOTICE Reference PDF
99.83 KB
29/01/2021 ESMA 80-196-5030 Response form to Public Consultation on Fees charged to Credit Rating Agencies by ESMA Reference DOCX
751.49 KB
26/03/2021 ESMA35-36-2201 response form Response form to CP on draft technical standards under the ECSP Regulation Reference DOCX
773.05 KB
30/09/2021 ESMA35-43-2836 response form Response form for the Consultation Paper on Review of the MiFID II framework on best execution reports Reference DOCX
771.39 KB
08/07/2020 ESMA33-5-852 Response Form for the Call for Evidence on Access and Use of Credit Ratings_Questionnaire C Reference DOCX
747.02 KB
08/07/2020 ESMA33-5-850 Response Form for the Call for Evidence on Access and Use of Credit Ratings_Questionnaire B Reference DOCX
740.64 KB
08/07/2020 ESMA33-5-851 Response Form for the Call for Evidence on Access and Use of Credit Ratings_Questionnaire A Reference DOCX
744.26 KB
04/04/2017 33-5-94 Response Form CRA Endorsement Guidelines Consultation Paper DOCX
756.11 KB
05/12/2019 ESMA33-5-370 Response Form CP on GLs on Internal Controls for CRAs Reference DOCX
745.76 KB

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