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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
13/05/2020 ESMA80-189-6982 EU CLO credit ratings – an overview of Credit Rating Agencies practices and challenges COVID-19, Credit Rating Agencies Final Report PDF
436.43 KB
02/06/2017 ESMA70-145-81 Final report on draft RTS on cooperation with third countries under BMR Benchmarks Final Report PDF
203.07 KB
20/12/2018 ESMA70-145-1008 Final report on Guidelines on non-significant benchmarks Benchmarks Final Report PDF
673.72 KB
31/03/2020 ESMA43-370-103 Final report on TA on EMIR 2.2 CCP fines CCP Directorate, Credit Rating Agencies, Post Trading, Trade Repositories Final Report PDF
478.11 KB
18/07/2019 ESMA33-9-321 Technical Advice on Sustainability Considerations in the Credit Rating Market Credit Rating Agencies Technical Advice PDF
451.01 KB
18/07/2019 ESMA33-9-320 Final Report Guidelines on Disclosure Requirements Applicable to Credit Rating Agencies Credit Rating Agencies Final Report PDF
336.63 KB
18/07/2018 ESMA33-9-246 Final report on Supplementary Guidelines on Endorsement Credit Rating Agencies Final Report PDF
948.62 KB
17/11/2017 ESMA33-9-207 Technical Advice on CRA Regulatory Equivalence- CRA 3 Update Credit Rating Agencies Final Report PDF
1.51 MB
17/11/2017 ESMA33-9-205 Final Report on the application of the CRA endorsement regime Credit Rating Agencies Final Report PDF
1.02 MB
05/02/2019 ESMA 33-9-295 Final Report Guidelines on the Submission of Periodic Information to ESMA by Credit Rating Agencies Credit Rating Agencies Final Report PDF
769.91 KB
15/11/2016 2016-1575 Final Report on Guidelines on the validation and review of Credit Rating Agencies’ methodologies Credit Rating Agencies Final Report PDF
655.85 KB
10/11/2016 2016-1560 Final Report on Technical Advice under the Benchmarks Regulation Benchmarks Final Report PDF
943.42 KB
23/03/2015 2015/609 Guidelines on periodic information to be submitted to ESMA by Credit Rating Agencies Credit Rating Agencies Final Report PDF
166.64 KB
18/12/2015 2015/1879 ESMA CRA Market Share Calculation Credit Rating Agencies Final Report PDF
586.38 KB
02/10/2015 2015/1473 Report on the Possibility of Establishing one or more Mappings of Credit Ratings Published on the European Rating Platform Credit Rating Agencies Final Report PDF
515.48 KB
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
02/10/2015 2015/1471 Technical Advice on Reducing Sole and Mechanistic Reliance on Credit Ratings Credit Rating Agencies Technical Advice PDF
1.1 MB
05/08/2014 2014/939 Report to the European Parliament, the Council and the Commission on ESMA’s staffing and resource for CRA supervision Credit Rating Agencies Final Report PDF
322.49 KB		 The European Securities and Markets Authority (ESMA) is required by Article 39a of Regulation (EU) No 462/2013 of the European Parliament and the Council of 21 May 2013, amending Regulation (EC) No 1060/2009 on credit rating agencies (CRA Regulation), to assess the staffing and resources needs arising from the assumption of its powers and duties under the CRA Regulation and submit a report to the European Parliament, the Council and the Commission of these needs. The Report describes the tasks that ESMA carries out in view of its responsibilities under the CRA Regulation. For each task the report analyses the implications in terms of processes and activities to be carried out. The report also provides the implications in terms of resources and budget. While ESMA experienced a steep increase of resources in the initial years following the entry into force of the CRA Regulation, incremental growth in staff numbers in 2015 and 2016 can be envisaged to adequately cope with additional tasks following from the CRA3 Regulation.
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.
16/12/2014 2014/1524 ESMA’s investigation into structured finance ratings Credit Rating Agencies Final Report PDF
436.29 KB		 The European Securities and Markets Authorities (ESMA) has published this report to inform of the outcome and findings of its general investigation in the way credit rating agencies (CRAs) conduct surveillance of structured finance credit ratings, as indicated in ESMA’s Credit Rating Agencies Annual Report 2013. The investigation took place between October 2013 and September 2014 and involved the four largest CRAs providing credit ratings on structured finance instruments in the EU, namely DBRS Ratings (DBRS), Fitch Ratings (Fitch), Moody’s Investors Service (MIS) and Standard & Poor’s (S&P). 

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