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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
03/06/2005 05-365 MAD AMPs- Frequently Asked Questions CESR Archive Q&A PDF
55.99 KB
29/05/2007 07-320 Q&A on Best Execution CESR Archive Q&A PDF
578.51 KB
03/11/2009 09-559 Questions and Answers- MiFID complex and non complex financial instruments for the purposes of the Directive’s appropriateness requirements CESR Archive Q&A PDF
405.18 KB
08/03/2010 10-222 FAQ regarding the EU Regulation Credit Rating Agencies: Common positions agreed by CESR Members CESR Archive Q&A PDF
327.78 KB
19/04/2010 10-293 Question and Answers- Understanding the definition of advice under MiFID CESR Archive Q&A PDF
335.78 KB
09/06/2010 10-333 Technical Advice- The Equivalence between the Japanese Regulatory and Supervisory Framework and the EU Regulatory Regime for Credit Rating Agencies CESR Archive, Credit Rating Agencies Technical Advice PDF
4.59 MB
04/06/2010 10-521 FAQ regarding the EU regulation on Credit Rating Agencies: Common positions agreed by CESR Members CESR Archive Q&A PDF
206.24 KB
06/05/2010 10-591 Questions and answers on MiFID: Common positions agreed by CESR Members in the area of the Secondary Markets Standing Committee CESR Archive Q&A PDF
130.84 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
04/10/2011 2011/323 Final report- ESMA's technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Technical Advice PDF
797.56 KB
01/03/2012 2012/137 ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Technical Advice PDF
1.32 MB		 ESMA publishes today the second part of its final advice (ESMA/2012/137) on possible delegated acts for the Prospectus Directive (PD).  The advice was submitted to the Commission on 29 February 2012.  In its advice, ESMA proposes how to use a prospectus in a retail cascade and provides input on how to review the provisions of the Prospectus Regulation concerning tax information, indices, auditor’s report on profit forecasts and estimates and audited historical financial information. Today’s advice follows a public consultation started on 13 December 2011. Overall, the technical advice aims to achieve a high level of investor protection and to increase across Europe the legal clarity and efficiency of the prospectus regime. Investment prospectuses as such are aimed to provide investors with easily accessible information on financial products so as to foster in-formed decision-making.
20/04/2012 2012/236 ESMA's Technical Advice on possible delegated acts of the short-selling and certain aspects of CDS Short Selling, Market Integrity Technical Advice PDF
509.39 KB
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.
22/06/2012 2012/382 MiFID Q&A in the area of investor protection and intermediaries MiFID - Investor Protection Q&A PDF
319.78 KB
09/01/2013 2012/864 ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Technical Advice PDF
1.23 MB
03/06/2013 2013-614 ESMA’s technical advice on short selling regulation Short Selling Technical Advice PDF
2.3 MB		 Final Report 2013/614 ESMA‘s technical advice on the evaluation of the Regulation (EU) 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps
30/01/2013 2013/159 Q&A on Implementation of the Regulation on short selling and certain aspects of credit default swaps (2nd update) Short Selling Q&A PDF
873.32 KB
21/11/2013 2013/1703 Technical Advice on the feasibility of a network of small and medium-sized CRAs Credit Rating Agencies Technical Advice PDF
601.05 KB		 The European Securities and Markets Authority (ESMA) has finalised its Technical Advice to the European Commission on the feasibility of a network of small and medium sized credit rating agencies in order to increase competition in the market. The technical advice provides quantitative and qualitative information on small and medium-sized CRAs in the EU, based on the analysis of the periodic reporting obligations of CRAs to ESMA via the central repository CEREP. It also covers some information regarding possible barriers to entry for companies that wish to conduct rating activity in the EU. Contents The main findings of the advice are: • The 22 registered CRAs are established in 11 EU Member States; • None of the small and medium-sized CRAs cover the whole range of the five rating classes considered (corporates (non-financial), financials, insurance, sovereign and public finance, and structured finance). Whilst DBRS and BCRA cover four and three classes respectively, all the remaining small and medium-sized CRAs cover one or two rating classes only. This contrasts with Fitch, Moody’s and S&P that issue ratings for all five possible rating classes; • Small and medium-sized CRAs are mainly active in issuing corporate ratings. Within this rating type, four small and medium-sized CRAs issue a relatively high number of corporate ratings (CERVED and ICAP) or financial and insurance ratings (GBB and AM Best); • Only 6 of the small and medium-sized CRAs provide sovereign ratings (BCRA, Capital Intelligence, DBRS, European Rating, Feri Euro Rating (Feri) and Japan Credit Rating Agency (JCR)), whilst only one (DBRS) issues structured finance ratings; • As of end 2012 the majority of small and medium-sized CRAs issued solicited ratings only, whilst eight issued unsolicited ratings only. Three small and medium-sized CRAs (DBRS, JCR, and Scope) issued both solicited and unsolicited ratings, as was the case also for Fitch, Moody’s and S&P; • As regards geographical coverage of the small and medium-sized CRAs 6 out of 19 (AM Best, Capital Intelligence, Creditreform, DBRS, JCR and Scope) have a coverage that goes beyond one Member State when referring to corporate ratings. As regards the sovereign ratings type, three of the small and medium-sized CRAs cover more than one Member State (Capital Intelligence, Feri and JCR). In both of these ratings types, Fitch, Moody’s and S&P’s rating activities cover all Member States of the EU; • In 2013, 96% of the supervisory fees were paid by S&P, Moody’s, and Fitch, while their turnover from rating and ancillary services was equal to 88% of the total turnover of the 20 registered and certified CRAs in 2012: and • As of July 2013, 14 out of 19 small and medium-sized CRAs have been granted at least one of the regulatory exemptions provided for in the CRA Regulation. Finally, and with reference to the current situation in the segment of small and medium-sized CRAs, ESMA is not aware of any private networks of small and medium-sized CRAs currently in place.
19/12/2013 2013/1953 Technical Advice to the European Commission on the equivalence between the Argentinean regulatory and supervisory framework and the EU regulatory regime for CRAs Credit Rating Agencies Technical Advice PDF
143.15 KB
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.

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