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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
15/04/2020 ESMA70-155-9845 Opinion on CNMV emergency measure under the SSR , , Opinion PDF
302.98 KB
15/04/2020 ESMA70-155-9848 Opinion on FMA emergency measure under the SSR , , Opinion PDF
432.15 KB
15/04/2020 ESMA70-155-9854 Opinion on AMF emergency measure under the SSR , , Opinion PDF
304.63 KB
15/04/2020 ESMA70-155-9833 Opinion on FSMA emergency measure under the SSR , , Opinion PDF
306.36 KB
15/04/2020 ESMA70-155-9853 Opinion on HCMC emergency measure under the SSR , , Opinion PDF
308.38 KB
30/03/2020 ESMA33-5-829 Call for evidence on access and use of ratings Consultation Paper PDF
307.88 KB
24/03/2020 ESMA70-155-9604 Opinion on FMA emergency measure under the SSR , , Opinion PDF
265.61 KB
19/03/2020 ESMA70-155-9587 Opinion on HCMC emergency measure under the SSR , , Opinion PDF
260.22 KB
19/03/2020 ESMA70-155-9590 Opinion on FSMA emergency measure under the SSR , , Opinion PDF
260.27 KB
18/03/2020 ESMA70-155-9581 Opinion on AMF emergency measure under SSR , , Opinion PDF
253.85 KB
17/03/2020 ESMA70-155-9565 Opinion on CONSOB emergency measure under SSR , , Opinion PDF
346.47 KB
17/03/2020 ESMA70-155-9556 Opinion on CNMV emergency measure under SSR , , Opinion PDF
173.98 KB
05/12/2019 ESMA33-9-355 Guidelines on Internal Controls for CRAs Consultation Paper PDF
523.56 KB
19/12/2018 ESMA 33-9-290 Consulation Paper on Disclosure Requirements Applicable to Credit Ratings Consultation Paper PDF
519.77 KB
19/07/2018 ESMA 33-9-252 Consulation Paper on Revised Guidelines on Periodic Reporting by CRAs Consultation Paper PDF
1.87 MB
27/03/2018 ESMA33-9-235 Consultation paper- Draft Guidelines on “as stringent as” notion in the CRA Regulation Consultation Paper PDF
964.56 KB
07/07/2017 ESMA70-145-127 Consultation paper on the evaluation of the short-selling regulation , Consultation Paper PDF
1.46 MB
12/06/2017 ESMA70-146-10 Opinion on CNMV emergency measure under the Short Selling Regulation Opinion PDF
181.85 KB
04/04/2017 33-5-94 Response Form CRA Endorsement Guidelines Consultation Paper DOCX
756.11 KB
04/04/2017 33-9-149 Update of the guidelines on the application of the endorsement regime under Article 4(3) of the Credit Rating Agencies Regulation Consultation Paper PDF
1.08 MB

Endorsement is one of two regimes provided in the CRA Regulation that allow credit ratings issued in a third country to be used for regulatory purposes in the EU – the other being equivalence/certification. Article 21(3) of the CRA Regulation requires ESMA to issue and update guidelines on the application of the endorsement regime specified under Article 4(3) of the same Regulation. This Consultation Paper proposes to update the previously issued 2011 Guidelines on Endorsement.
The proposed update of the 2011 Guidelines on Endorsement is mainly driven by the need to reflect the changes to Articles 6-12 and Annex I introduced by CRA 3, which will enter into force for the purposes of equivalence and endorsement on 1 June 2018. On that basis, ESMA has to update the Methodological Framework on which ESMA relies for assessing a third-country legal and supervisory framework for the purposes of endorsement and equivalence. This Methodological Framework is provided in Annex II of the 2011 Guidelines on Endorsement. By 1 June 2018, ESMA should also have completed a reassessment of all the previously assessed third-country legal and regulatory frameworks against the new requirements based on the updated Methodological Framework (provided in Annex III).


ESMA has taken this opportunity to reassess its approach to endorsement more broadly, based on the supervisory experience acquired since the adoption of the 2011 Guidelines on Endorsement. The proposed changes and clarification of the 2011 Guidelines on Endorsement focus in particular on ESMA’s understanding of points (b), (c), (d), and (e) of Article 4(3) of the CRA Regulation.
Furthermore, some parts of the 2011 Guidelines on Endorsement relate to the establishment of ESMA, the initial registration of CRAs and various transitional arrangements. The proposed updated Guidelines on Endorsement do not include these parts, as they are no longer relevant. Finally, some information in the 2011 Guidelines on Endorsement was not addressed to market participants but referred to ESMA’s internal processes. This information has also been excluded from the proposed updated guidelines on Endorsement, but is, for context, summarised in Section 4 of this Consultation Paper.
 

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