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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
22/12/2011 2011/461 Final report- Regulatory Technical Standards on the presentation of the information that credit rating agencies shall disclose in accordance with Article 11(2) and point 1 of Part II of Section E of Annex I to Regulation (EC) No 1060/2009 Technical Standards PDF
555.25 KB
22/12/2011 2011/462 Final Report- Draft RTS on the assessment of compliance of credit rating methodologies with CRA Regulation Technical Standards PDF
445.83 KB
22/12/2011 2011/463 Final report- Regulatory technical standards on the information for registration and certification of credit rating agencies Technical Standards PDF
444.79 KB
22/12/2011 2011/464 Final report- Draft RTS on the content and format of ratings data periodic reporting to be requested from credit ratings agencies for the purpose of on-going supervision by ESMA Technical Standards PDF
485.78 KB
30/03/2012 2012/228 Draft technical standards on the Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps Technical Standards PDF
1.02 MB
Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March on short selling and certain aspects of credit default swaps (the Regulation)  requires ESMA to develop draft regulatory (RTS) and implementing technical standards (ITS) in relation to several provisions contained in Articles 9, 11, 12 and 16 of the Regulation. The draft RTS and ITS will be submitted to the European Commission by 31 March 2012. The Commission has three months to decide whether to endorse ESMAs draft technical standards. A further regulatory technical standard, on the method of calculation of the fall in value of a financial instrument required under Article 24(8) of the Regulation will be submitted together with the technical advice in the course of April 2012.
19/12/2014 2014/1571 Final Report on draft Implementing Technical Standards on main indices and recognised exchanges under the Capital Requirements Regulation Technical Standards PDF
281.16 KB
The European Securities and Markets Authority (ESMA) has developed draft Implementing Technical Standards specifying main indices and recognised exchanges as required under Paragraph 8 of Article 197 of Regulation (EU) 575/2013 (Capital Requirements Regulation). These have now been submitted to the European Commission submitted for endorsement of the draft ITS.It has 3 months to make this decision.
03/06/2014 2014/544 Decision to adopt a supervisory measure taking the form of a public notice in accordance with Articles 23e(5) and 24 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies Decision PDF
49.36 KB
Decision to adopt a supervisory measure taking the form of a public notice in accordance with Articles 23e(5) and 24 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies The Board of Supervisors (“Board”), Having regard to the Treaty on the Functioning of the European Union (“Treaty”) Having regard to Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (“ESMA Regulation”), and in particular Article 43(2) and Article 44(1) thereof Having regard to Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (“CRA Regulation”), in particular Articles 6(2), 23e, 24, 25 thereof Having regard to Commission Delegated Regulation (EU) No 946/2012 of 12 July 2012 supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with regard to rules of procedure on fines imposed to credit rating agencies by the European Securities and Markets Authority, including rules on the right of defence and temporal provisions (“Procedural Regulation”), in particular Article 3(4) thereof Whereas: (1) On the basis of the file containing the investigating officer’s findings and after examination of the submissions of Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited the Board finds that the registered credit rating agencies Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited have committed the infringements listed in paragraphs 12 and 18 of Annex III.I of the CRA Regulation. (2) The Board considers that the evidence before it does not allow it to establish that Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited acted intentionally or negligently as required by Article 36a(1) of the CRA Regulation in order for the Board to impose a fine. (3) The Board thus decides to adopt a supervisory measure taking the form of a public notice in accordance with Article 24 of the CRA Regulation. Has adopted this decision: Article 1 The Board of Supervisors finds that the registered credit rating agencies Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited have committed the infringements listed in paragraphs 12 and 18 of Annex III.I of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies. Article 2 The Board of Supervisors takes the decision to adopt a supervisory measure taking the form of the following public notice, in accordance with Articles 23e(5) and 24 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies.
24/06/2014 2014/685 Draft Regulatory Technical Standards under the CRA3 Regulation Technical Standards PDF
2.39 MB
The European Securities and Markets Authority (ESMA) has published its Final Report on draft Regulatory Technical Standards (RTS) required under the Credit Rating Agencies (CRA3) Regulation regarding information on transparency of structured finance instruments, the European Rating Platform and periodic reporting of fees charged by credit rating agencies. The draft RTS, which complement the existing regulatory framework for credit rating agencies (CRAs), cover: • disclosure requirements on structured finance instruments (SFIs); • the European Rating Platform (ERP); and • the periodic reporting on fees charged by CRAs.
02/12/2014 2014/BOA/05 Decision by the ESA BoA concerning Investor Protection Europe sprl , Decision PDF
229.85 KB
The Joint Board of Appeal of the ESAs decides on the inadmissibility of an appeal brought by IPE sprl, a company based in Brussels, against a decision by ESMAThe Joint Board of Appeal of the European Supervisory Authorities published today its decision in an appeal brought by Investor Protection Europe (IPE) sprl, a company based in Brussels, against a decision of the European Securities and Markets Authority (ESMA) of 10 June 2014 not to initiate an investigation under Article 17 of the ESMA Regulation regarding an alleged breach of Union law by the Commission de Surveillance du Secteur Financier of Luxembourg.  The Board of Appeal unanimously decided that the appeal was inadmissible, and in the light of that decision, did not consider the substance of IPE’s complaint.
17/07/2014 2014/C1/02 Board of Appeal Decision , Decision PDF
368.94 KB
The Joint Board of Appeal of the European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) published its decision in an appeal brought by SV Capital OÜ, an Estonian company, against a decision of the EBA. This was the second appeal to be considered by the Board of Appeal in this matter between the same parties concerning the question whether the suitability of the managers of a significant branch of a bank raised a question of Union law. Following the Board of Appeal’s affirmative decision of 24 June 2013, the appellant requested the EBA to initiate an investigation against the Estonian and Finnish Financial Supervision Authorities because their alleged failure to take action in respect of individuals in the Estonian branch of Nordea Bank Finland PLC whom it was alleged were not fit and proper persons to be key function holders in the bank. The EBA decided that it would not initiate an investigation.  The Board of Appeal decided that the EBA had been right to raise the matter with the national supervisors, but that having done so, it was entitled to take no further action in the light of their responses. The Board accordingly dismissed the appellant’s appeal against the EBA’s decision.
28/09/2015 2015-ESMA-1464 Final Report- draft RTS and ITS on MIFID II and MiFIR Technical Standards PDF
2.74 MB
28/09/2015 2015-ESMA-1464 Annex I 2015-ESMA-1464 Annex I- draft RTS and ITS on MiFID II and MiFIR Technical Standards PDF
2.85 MB
30/06/2015 2015/1006 Final Report on MiFID II-MiFIR draft technical standards on authorisation, passporting, registration of third country firms and cooperation between competent authorities Technical Standards PDF
357.16 KB
29/06/2015 2015/1048 Public Notice- ESMA fines DBRS Ratings Limited Decision PDF
186.47 KB
21/07/2016 2016/1131 BoS Decision on Fitch Ratings Limited 21 July 2016 , Decision PDF
108.21 KB
24/06/2013 BoA 2013-008 Board of Appeal Decision , Decision PDF
242.72 KB
The joint Board of Appeal of the European Supervisory Authorities (EBA, ESMA and EIOPA) has published today its decision in an appeal brought by an Estonian company against a decision of the EBA. It concerned the question whether the suitability of the managers of a significant branch of a bank may be a matter within EU law, and not just national law. Allowing the appeal, the Board of Appeal interpreted Directive No. 2006/48/EC consistently with the EBA Guidelines on the assessment of the suitability of members of the management body and key function holders. It came to the conclusion that the “fit and proper” requirement is not restricted to the persons who direct the business of the credit institution. The matter therefore was within the EBA’s powers of investigation. Although the appellant criticised the way in which the EBA dealt with its complaint, the Board of Appeal made it clear that it did not accept that criticism. It considered that the EBA dealt with the complaint in an appropriate manner. The ground on which the appeal was allowed was one of interpretation of the applicable legal provisions. The case was remitted to the EBA to adopt the appropriate decision in accordance with the Board of Appeal’s findings. This is for information only. The decision consists of the signed Decision only. For any enquiries, please contact EIOPA’s Press Office: Anzhelika Mayer Tel.: +49 69 9511 1968
13/01/2014 BoA 2013-014 Board of Appeal Decision Global Private Rating Company v. ESMA , Decision PDF
361.96 KB
Board of Appeal of the European Supervisory Authorities dismisses appeal made by a refused CRA-applicant against ESMA On 10 January 2014, the Board of Appeal of the European Supervisory Authorities handed down its decision on an appeal by the appellant, Global Private Rating Company “Standard Rating” Ltd, against the refusal by the European Securities and Markets Authority (ESMA) to register it as a credit rating agency. This is the first appeal against a decision by ESMA refusing an applicant registration as a credit rating agency. The Board of Appeal unanimously decided that the appeal should be dismissed, and that ESMA’s refusal decision should be confirmed. It stated that it accepted the appellant’s point that the registration of a credit rating agency by ESMA is a new process, and recognised that the procedures will to an extent take time fully to work out. Nevertheless, because of the responsibilities placed on credit rating agencies and their importance in the financial system generally, it considered that the onus must be on an applicant to satisfy ESMA that the relevant requirements are met. The application and its contents must be very clear, and it is not ESMA’s responsibility as regulator to remedy deficiencies.
20/07/2017 BoA 2017 01 FinancialCraft Analytics Sp. z o.o. vs ESMA BoA Decision , Decision PDF
693 KB
30/04/2018 BoA 2018-01 Decision in an appeal by A v ESMA , Decision PDF
392.62 KB
14/08/2015 BOA/2015/001 Decision of the Board of Appeal of the European Supervisory Authorities given under Article 60 of Regulation (EU) No 1094/2010 and the Board of Appeal’s Rules of Procedure (BOA 2012 002) , Decision PDF
147.78 KB