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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
19/06/2019 ESMA74-362-39 Keynote by ESMA Chair at ISLA Annual Securities Finances and Collateral Management Conference Speech PDF
239.83 KB
06/11/2020 ESMA71-99-1432 Opening Statement Verena Ross ECMI 6 November 2020 Speech PDF
99.36 KB
04/10/2019 ESMA71-99-1232 Keynote- Steven Maijoor- AFME Legal & Compliance Conference, Paris , , Speech PDF
112.75 KB
13/02/2019 ESMA71-319-91 Brexit – the regulatory challenges , , , , , Speech PDF
175.3 KB

Steven Maijoor keynote at the European Financial Forum in Dublin

04/06/2019 ESMA71-319-120 FESE Dinner Address , , , , Speech PDF
117.98 KB
27/06/2018 ESMA70-145-924 Speech by ESMA Executive Director Verena Ross on LEI , Speech PDF
255.18 KB
29/03/2019 ESMA70-145-111 Q&A on the Market Abuse Regulation , Q&A PDF
400.21 KB

The purpose of this document is to promote common supervisory approaches and practices in the application of MAR and its implementing measures. It does this by providing responses to questions posed by the general public and competent authorities in relation to the practical application of the MAR framework

The content of this document is aimed at competent authorities to ensure that in their supervisory activities and their actions are converging along the lines of the responses adopted by ESMA and at helping issuers, investors and other market participants by providing clarity on the content of the market abuse rules, rather than creating an extra layer of requirements.

06/03/2019 ESMA35-43-1740 Keynote by ESMA Chair Maijoor at ALFI Asset Management Conference , Speech PDF
265.45 KB
16/05/2019 ESMA34-45-712 Verena Ross- ICMA 2019 conference speech , , , Speech PDF
134.24 KB
18/07/2019 ESMA33-9-321 Technical Advice on Sustainability Considerations in the Credit Rating Market Technical Advice PDF
451.01 KB
17/02/2020 ESMA33-5-87 Q&A on the Implementation of the Regulation (EU) No 462 2013 On CRA Q&A PDF
401.67 KB
11/04/2019 ESMA31-67-127 Question and answers on Transparency Directive (TD) , , , , Q&A PDF
352.79 KB
11/04/2019 ESMA31-62-780 Q&A on Prospectus Related Topics , , , , , , Q&A PDF
957.9 KB
09/10/2020 ESM22-103-1158 ESM22-103-1158 Keynote Speech- Verena Ross- AFME Compliance and Legal Conference , , , , Speech PDF
133.94 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
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 2014/685 Draft Regulatory Technical Standards under the CRA3 Regulation Technical Standards PDF
2.39 MB
The European Securities and Markets Authority (ESMA) has published its Final Report on draft Regulatory Technical Standards (RTS) required under the Credit Rating Agencies (CRA3) Regulation regarding information on transparency of structured finance instruments, the European Rating Platform and periodic reporting of fees charged by credit rating agencies. The draft RTS, which complement the existing regulatory framework for credit rating agencies (CRAs), cover: • disclosure requirements on structured finance instruments (SFIs); • the European Rating Platform (ERP); and • the periodic reporting on fees charged by CRAs.
31/05/2013 2013/626 Technical advice on CRA regulatory equivalence on Argentina, Brazil, Mexico, Hong Kong and Singapore 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.
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