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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
05/12/2019 ESMA33-9-355 Guidelines on Internal Controls for CRAs Consultation Paper PDF
523.56 KB
05/11/2019 ESMA70-156-1484 Consultation Paper on Position Limits Consultation Paper PDF
549.2 KB
04/10/2019 ESMA70-156-1555 Alignment of MiFIR with the changes introduced by EMIR Refit , Consultation Paper PDF
270.97 KB
24/09/2019 ESMA70-156-1616 Response to O. Guersent on the postponement first RTS 2 annual report Letter PDF
84.53 KB
12/07/2019 ESMA70-156-1065 CP_MiFID review report_cost of market data and consolidated tape equity Consultation Paper PDF
697.42 KB
26/06/2019 ESMA70-156-1432 Letter Chair to O Guersent- Postponement of the first RTS 2 annual report Letter PDF
35.78 KB
24/05/2019 ESMA70-156-864 CP amending ITS on main indices and recognised exchanges under CRR Consultation Paper PDF
1.29 MB
27/03/2019 ESMA70-156-907 Letter Chair to EU Commission on the MiFID Review Reports Letter PDF
136.73 KB
19/12/2018 ESMA 33-9-290 Consulation Paper on Disclosure Requirements Applicable to Credit Ratings Consultation Paper PDF
519.77 KB
21/09/2018 ESMA70-156-780 ESMA Letter on EC proposal to endorse RTS 1 amendments Letter PDF
56.42 KB
19/07/2018 ESMA 33-9-252 Consulation Paper on Revised Guidelines on Periodic Reporting by CRAs Consultation Paper PDF
1.87 MB
22/06/2018 Reply to ESMA70-154-5851 Letter from Commission VP Dombrovskis answer to ESMA letter on MiFID II ancillary activity (ESMA70-154-5851) Letter PDF
743.74 KB
10/04/2018 ESMA70-154-5851 Letter to Commission VB Dombrovskis on MiFID II ancillary activity Letter PDF
47.07 KB
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
09/11/2017 ESMA70-156-275 Consultation paper on proposed amendment to MiFID II RTS 1 Consultation Paper PDF
454.64 KB
28/06/2017 ESMA70-156-158 Letter to co-legislators on MiFID II implementation Letter PDF
124.39 KB
19/06/2017 ESMA70-156-71 Consultation paper trading obligation for derivatives under MiFIR Consultation Paper PDF
1.08 MB
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.
 

14/02/2017 ESMA70-872942901-19 Letter- MiFID II SIs operating broker crossing networks Letter PDF
212.81 KB

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