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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
04/06/2020 ESMA71-99-1338 Scope Ratings Enforcement Action , Press Release PDF
127.88 KB
18/01/2018 ESMA71-99-930 Product Intervention Call for Evidence PR , Press Release PDF
138.63 KB
12/07/2019 ESMA70-156-1065 Press_Release_ESMA launches consultation on cost of market data and consolidated tape , Press Release PDF
90.42 KB
31/03/2015 2015/662 Press release: ESMA sees improved transparency of issuers financial statements – more information needed on forbearance practices and impairment tests , , Press Release PDF
140.76 KB
27/05/2019 ESMA71-99-1166 Press release: ESMA registers Inbonis SA as credit rating agency Press Release PDF
75.61 KB
18/03/2019 ESMA71-99-1127 Press release: ESMA registers Beyond Ratings SAS as credit rating agence Press Release PDF
75.72 KB
07/03/2018 ESMA71-99-953 Press release: ESMA publishes double volume cap data , Press Release PDF
137.68 KB
05/04/2017 ESMA71-99-386 Press release: ESMA clarifies market structure issues under MiFID II Press Release PDF
151.27 KB
06/09/2018 ESMA71-99-1027 Press release- Volatility spikes underline fragilities and risks to EU securities markets and investors , Press Release PDF
237.66 KB
27/07/2018 ESMA71-99-1023 Press release- Nordic Credit Rating AS registered as CRA Press Release PDF
214.63 KB
13/08/2018 ESMA71-99-1024 Press release- Moody's Nordics CRA registration Press Release PDF
224.93 KB
16/12/2014 2014/1525 Press Release- Improvements needed in CRAs surveillance of structured finance credit ratings , Press Release PDF
88.76 KB
The European Securities and Markets Authority (ESMA) has published a report on the findings of its investigation into the way credit rating agencies (CRA) conduct surveillance of their structured finance credit ratings. The investigation, which took place between October 2013 and September 2014, was prompted by the continued relevance of structured finance products and the high outstanding volume in issuance. It focused on the four largest CRAs providing credit ratings on these finance instruments in the EU – DBRS Ratings, Fitch Ratings, Moody’s Investors Services and Standard & Poor’s – which account for almost 100% of the total outstanding credit ratings on EU structured finance instruments. In its investigation ESMA identified a number of shortcomings in several areas affecting the surveillance of structured finance ratings for the CRAs investigated. ESMA also identified weaknesses on the level of disclosure and transparency which could be detrimental to investor protection. ESMA has not determined whether any of the Report’s findings constitute a breach of the CRA Regulation, and may take action as appropriate in due course.Steven Maijoor, ESMA Chair, said: “ESMA’s investigation has found shortcomings in CRAs’ processes for the surveillance of structured finance credit ratings which could affect the quality of the ratings. These concerns centred on information quality controls, the application of CRAs’ methodologies and the related disclosure as well as the timely completion of the credit ratings annual review.  Issues were also identified in relation to the role and independence of the internal review function. “The high volume of issued structured finance instruments and renewed interest in securitisation as an alternative funding source make the results of this review all the more timely. “All registered CRAs should take note of the problems identified and ensure that they properly incorporate the requirements and objectives of the CRA Regulation into their working practices in order to ensure the quality of credit ratings and maintain investor confidence. The good practices identified in the Report can help with that improvement.”   ESMA has requested that CRAs put in place the remedial action plans to solve the individual concerns identified. ESMA will follow up with each of the CRAs subject to this investigation. Likewise, ESMA will monitor all other registered CRAs as part of its on-going supervision.
14/12/2018 ESMA71-99-1074 Press Release- Final Report on tick size regime , Press Release PDF
148.46 KB
21/10/2011 2011/354 Press release- European enforcers see good level of IFRS application in 2010 , Press Release PDF
31.97 KB
03/11/2011 JC 2011/094 Press release- ESMA, EBA and EIOPA appoint members of Joint Board of Appeal , , Press Release PDF
24.72 KB
19/02/2019 ESMA71-99-1112 Press release- ESMA supervision to focus on data, Brexit and cybersecurity in 2019 Press Release PDF
79.6 KB
21/02/2014 2014/212 Press release- ESMA sets out CRA supervision focus for 2014 Press Release PDF
118.48 KB
ESMA sets out CRA supervision focus for 2014 The European Securities and Markets Authority (ESMA) has published its Annual Report 2013 (Report) on credit rating agencies (CRAs) in the European Union (EU). The Report also outlines ESMA’s supervisory work plan for this year. ESMA has found that CRAs continue to progress in how they comply with the CRA Regulation, including improved internal transparency and disclosure to the market on credit rating activities as well as empowerment of the compliance function. However, ESMA considers that improvements are still necessary, notably in the following areas: validation of rating methodologies, to ensure that a credit rating assessment is a comprehensive risk assessment leading to high quality ratings; internal governance, ensuring the full independence of the internal review function and thereby reducing the risk of potential conflict of interest; and robust IT systems to support the rating process, including information security controls and protection of confidential rating information. These issues form the basis for much of ESMA’s supervision activities as outlined in its 2014 work plan. This includes the completion of the two on-going supervisory reviews into CRAs’ monitoring of structured finance ratings and into small and medium-sized CRAs. A new thematic investigation on how CRAs review and validate their rating methodologies will also be launched, as well as dedicated work on CRAs’ IT systems and controls. Following the entry into force of the amended CRA Regulation in June 2013, ESMA will also complete a specific assessment on CRAs’ compliance with the new regulatory requirements. Steven Maijoor, ESMA Chair, said: “ESMA is in its third year as the EU’s CRA regulator and today’s report provides us with an assessment of the progress made to date. However, as shown by our recent work on sovereign ratings there are still issues around governance as well as independence,objectivity and quality of the rating process that need to be remedied in order to restore market confidence in CRAs and their ratings. “We will continue to proactively and intrusively supervise CRAs and work with them to address their shortcomings. This will contribute to building confidence in the transparency and smooth functioning of EU financial markets while ensuring a high level of financial consumer protection.” The 2013 Report summarises how ESMA fulfilled its role as the supervisor of CRAs in the EU. It covers ESMA’s supervisory activities, progress in dealing with registrations, and its policy work in relation to existing and new legislative requirements. In particular, the Report focuses on the results of ESMA’s supervisory work through on-going supervision as well as thematic reviews, such as that into the sovereign ratings process of a number of CRAs, the inspections of small and medium-sized CRAs and a further inspection of the ratings publication controls in a single CRA.
28/10/2014 2014/1310 Press Release- ESMA sets enforcement priorities for listed companies’ financial statements , Press Release PDF
141.27 KB

The European Securities and Markets Authority (ESMA) has published its Public Statement on European Common Enforcement Priorities (Priorities) for 2014. These Priorities identify topics which ESMA, together with European national enforcers, see as a key focus of their examinations of listed companies’ financial statements.The common enforcement priorities encompass the following topics: Preparation and presentation of consolidated financial statements and related disclosures; Financial reporting by entities which have joint arrangements and related disclosures; and Recognition and measurement of deferred tax assets. These topics are important, as they either introduce significant changes to accounting practices following the implementation of new standards, or because the current economic environment poses particular challenges to issuers in the application of certain IFRS requirements, notably when forecasting future taxable profits in periods of low economic growth.Steven Maijoor, ESMA Chair, said: “The aim of the common enforcement priorities is to achieve a high level of harmonisation in enforcement and to contribute to consistency in the application of IFRS across the EU. “In view of the impact of new standards on financial information, ESMA believes that listed companies and their auditors should pay particular attention in the areas of consolidated financial statements, joint arrangements and valuation of deferred tax assets when preparing and auditing their 2014 IFRS financial statements.“This will contribute to ensuring the relevance and reliability of financial information provided to investors, and ultimately contributes to the proper functioning of Europe’s capital markets.”Furthermore, the Public Statement highlights two areas that should be considered in the preparation of the 2014 financial statements. ESMA and the national enforcers expect EU listed banks to provide relevant information in relation to material impacts resulting from the European Central Bank’s Comprehensive Assessment of the banking sector and on any changes in the level of regulatory capital required. In addition, ESMA considers that findings included in the 2013 ESMA Report on comparability of financial statements of financial institutions continue to be of high relevance for the 2014 annual reports.  The Public Statement also encourages listed companies to provide entity-specific disclosures, relevant to their performance and financial situation at the end of the period presented. ESMA believes that the early involvement and commitment of senior management in this respect is vital to ensure that listed companies give relevant and reliable information to investors.Application will be monitored and supervisedESMA and European national enforcers will monitor and supervise the application of the IFRS requirements outlined in the Priorities, with national authorities incorporating them into their reviews and taking corrective actions where appropriate. ESMA will collect data on how European listed entities have applied the Priorities and will publish its findings in early 2016.Notes for editors 2014/1309 ESMA Public Statement  - European common enforcement priorities for 2014 financial statements 2014/1293 ESMA Guidelines on enforcement of financial information 2013/1664 ESMA Review of Accounting Practices -  Comparability of IFRS Financial Statements of Financial Institutions in Europe ESMA is an independent EU Authority that was established on 1 January 2011 and works closely with the other European Supervisory Authorities responsible for banking (EBA), and insurance and occupational pensions (EIOPA), and the European Systemic Risk Board (ESRB). ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU).  As an independent institution, ESMA achieves this aim by building a single rule book for EU financial markets and ensuring its consistent application across the EU.  ESMA contributes to the regulation of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity.

11/03/2015 2015/562 Press release- ESMA sees continued tense securities market conditions , Press Release PDF
141.95 KB
04/10/2016 2016/1432 Press release- ESMA reports on shadow banking, leverage and pro-cyclicality , , Press Release PDF
151.69 KB

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