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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
09/02/2021 ESMA70-1861941480-52 Q&A on EMIR implementation , Q&A PDF
1.37 MB
05/11/2020 ESMA74-362-893 QAs on SFTR data reporting , , Q&A PDF
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08/07/2020 ESMA70-708036281-2 Q&As- Central Securities Depositories Regulation Q&A PDF
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18/02/2020 ESMA31-62-1258 Q&As on the Prospectus Regulation Q&A PDF
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17/02/2020 ESMA70-708036281-2 Questions and Answers on CSDR , Q&A PDF
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17/02/2020 ESMA33-5-87 Q&A on the Implementation of the Regulation (EU) No 462 2013 On CRA Q&A PDF
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11/11/2019 ESMA70-151-2650 Final report on TA on EMIR_2_2_CCP fees Technical Advice PDF
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11/11/2019 ESMA70-151-2682 Final Technical advice on Tiering Criteria under EMIR 2.2 Technical Advice PDF
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11/11/2019 ESMA70-151-2649 Technical advice on comparable compliance Technical Advice PDF
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18/07/2019 ESMA33-9-321 Technical Advice on Sustainability Considerations in the Credit Rating Market Technical Advice PDF
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11/04/2019 ESMA31-67-127 Question and answers on Transparency Directive (TD) , , , , Q&A PDF
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11/04/2019 ESMA31-62-780 Q&A on Prospectus Related Topics , , , , , , Q&A PDF
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29/05/2018 ESMA70-145-408 Question and Answers (Q&A) on the Regulation on short selling and certain aspects of credit default swaps (SSR) Q&A PDF
536.17 KB
02/02/2018 ESMA70-151-1179 Questions and Answers ESMA CCP Stress Test Q&A PDF
694.47 KB
14/12/2017 ESMA70-151-957 MiFID II Q&A on post-trading issues , Q&A PDF
280.02 KB
29/04/2016 2016/665 Q&A on ESMA’s EU-wide stress tests for CCPs Q&A PDF
269.98 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
05/08/2015 2015/1219 Final Report- Technical Advice under the CSD Regulation Technical Advice PDF
751.38 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.