ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
123
DOCUMENTS

REFINE YOUR SEARCH

Sections

Type of document

Your filters
Careers X Transparency X Credit Rating Agencies X Warnings and publications for investors X CESR Archive X Prospectus X Technical Advice X CLOSED Procedure X Compliance table X Letter X
Reset all filters

Pages

Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
27/10/2021 ESMA32-67-791 Letter to IFRS IC on classification of SPAC shares as equity or liability (IAS 32) , , , Letter PDF
223.92 KB
08/07/2021 ESMA32-382-1157 Compliance table on disclosure requirements under the Prospectus Regulation Compliance table PDF
124.29 KB
01/07/2021 ESMA31-62-1409 Compliance table GLs on Risk factors Compliance table PDF
131.48 KB
13/04/2021 ESMA80-195-858 ESMA response to ESRB letter on procyclicality of credit ratings Letter PDF
180.39 KB
03/03/2021 ESMA32-51-818 Letter to the EC on next steps following Wirecard , , , Letter PDF
277.21 KB
02/03/2021 ESMA32-60-707 Letter to EC on ESAP targeted consultation Letter PDF
159.36 KB
18/07/2019 ESMA33-9-321 Technical Advice on Sustainability Considerations in the Credit Rating Market Technical Advice PDF
451.01 KB
06/04/2017 ESMA32-61-135 Comment Letter to IASB on ED 'Annual Improvements to IFRS Standards 2015–2017 Cycle' , , Letter PDF
367.8 KB
06/04/2017 ESMA32-61-136 Comment Letter to EFRAG on ED 'Annual Improvements to IFRS Standards 2015–2017 Cycle' , , Letter PDF
373.28 KB
30/01/2017 ESMA70-708036281-19 Letter to European Commission- EMIR Review and Sanctioning Powers , Letter PDF
265.24 KB
05/01/2017 2016/1621 2016-1621 ESMA letter to EC on postponement of ESEF RTS , , Letter PDF
87.44 KB
18/04/2016 2016/623 ESMA's response to EC Consultation Non-binding Guidelines for reporting of non-financial information by companies Letter PDF
112.19 KB
09/02/2016 2016/235 Comment letter on Taxonomy due process , , Letter PDF
84.24 KB
02/10/2015 2015/1472 Technical Advice on Competition, Choice and Conflicts of Interest in the CRA industry Technical Advice PDF
2.48 MB
02/10/2015 2015/1471 Technical Advice on Reducing Sole and Mechanistic Reliance on Credit Ratings Technical Advice PDF
1.1 MB
21/05/2015 2015/857 ESMA response to the European Commission consultation on the review of the Prospectus Directive , Letter PDF
241.24 KB
17/09/2014 2014/850rev Technical Advice in accordance with Article 39(b) 2 of the CRA Regulation 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.
24/06/2014 2014/686 Letter to Commissioner Barnier re draft Regulatory Technical Standards under the CRA3 Regulation Letter PDF
25.37 KB
10/01/2014 2013/1932 Deadlines for the submission of draft technical standards , Letter PDF
51.91 KB
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 Technical Advice PDF
143.15 KB

Pages