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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
21/05/2015 2015/855 ESMA letter to the Commissioner Hill- ESMA Response to EC Green Paper on CMU Corporate Information Letter PDF
52.37 KB
21/05/2015 2015/856 ESMA response to the Commission Green Paper on Building a Capital Markets Union Corporate Information Letter PDF
348.14 KB
26/04/2016 2016/648 ESMA response to the Commission Green Paper on retail financial services MiFID - Investor Protection Letter PDF
197.44 KB
21/05/2015 2015/858 ESMA response to the European Commission consultation on “An EU framework for simple, transparent and standardised securitisation” Corporate Information Letter PDF
245.42 KB
06/03/2015 2015/422 ESMA's response to the consultation on IOSCO Corporate Information Letter PDF
27.24 KB
04/02/2020 ESMA35-43-2134 ESMA’s Technical Advice to the Commission on the effects of product intervention measures MiFID - Investor Protection Technical Advice PDF
425.6 KB
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
01/10/2018 ESMA35-36-1442 IPISC UK withdrawal from the EU Letter MiFID - Investor Protection Letter PDF
234.85 KB
13/05/2015 22392237 Letter from the European Commission- Early legal review Corporate Information Letter PDF
61.81 KB
17/11/2015 2015/1513 Letter SM to EC- implementation timeline MiFID MiFIR MiFID - Investor Protection Letter PDF
85.8 KB
24/06/2014 2014/686 Letter to Commissioner Barnier re draft Regulatory Technical Standards under the CRA3 Regulation Credit Rating Agencies Letter PDF
25.37 KB
23/02/2015 2015/168 Letter to EU Institutions re ESMA’s 2015 Work Programme Corporate Information, Management Board, Board of Supervisors Letter PDF
37.31 KB		 Dear Mr Gualtieri, Ms Ribkina and Commissioner Hill, On 30 September 2014 we sent you ESMA’s Work Programme for 2015, which was based on the budget request that had been approved by ESMA’s Board of Supervisors: a budget of €38,639,000 and 147 Establishment Plan posts. The EU budget had not been voted at the time. Following the adoption of the EU budget, ESMA’s 2015 expenditure budget is €33,601,402 (plus an additional €3,100,000 from assigned revenues for tasks delegated from National Competent Authorities) with an Establishment Plan of 137 posts. ESMA’s Board of Supervisors has approved a revised work programme to account for the difference of €5m and 10 Establishment Plan posts; representing a 15% reduction compared to the planned ESMA budget and 7% of its Establishment Plan. ESMA will therefore lack sufficient resources to execute all the tasks that were initially planned for 2015. The Work Programme explains the areas where reprioritisation had to take place, including the risk that ESMA will not fully meet its legal obligations, for instance due to the delay of delivery compared to legally set timetables. A summary of the deprioritised tasks is annexed to the Work Programme and reproduced in the table below. 2014/1200rev ESMA Work Programme
30/01/2017 ESMA70-708036281-19 Letter to European Commission- EMIR Review and Sanctioning Powers Credit Rating Agencies, Post Trading Letter PDF
265.24 KB
28/01/2014 2013/1941 Letter to Jonathan Faull (EC) regarding draft technical standards MiFID - Investor Protection, MiFID - Secondary Markets Letter PDF
44.25 KB
01/10/2018 ESMA70-156-236 Letter to the Commission on MiFID II third country regime MiFID - Investor Protection Letter PDF
152.92 KB
13/05/2015 2015/841 Letter to the European Commission- Early legal review Corporate Information Letter PDF
241.49 KB
27/07/2012 2012/476 Reply of ESMA to the European Commission’s Green Paper on Shadow Banking MiFID - Investor Protection Letter PDF
175.94 KB
05/03/2013 2013/SMSG/03 SMSG Advice on Benchmarks/Indices Securities and Markets Stakeholder Group, Benchmarks Letter PDF
253.23 KB
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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