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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
24/02/2021 ESMA70-156-3926 Annual Report 2020 Non-equity Waivers and Deferrals MiFID - Secondary Markets Annual Report PDF
2.44 MB
14/12/2020 ESMA 33-9-383 CRA Market Share Calculation 2020 Credit Rating Agencies Annual Report PDF
511.26 KB
09/10/2020 ESMA70-156-3300 MiFID II/MiFIR Annual Report under Commission Delegated Regulation (EU) 2017/583 (RTS 2) MiFID - Secondary Markets Annual Report PDF
477.23 KB
01/04/2020 ESMA70-156-2287 Technical Advice to the European Commission on weekly position reports under MiFID II MiFID - Secondary Markets, Supervisory convergence Technical Advice PDF
231.84 KB
09/03/2020 ESMA80-199-332 ESMA Supervision- Annual Report 2019 and Work Programme 2020 Benchmarks, Credit Rating Agencies, Securities Financing Transactions, Securitisation, Trade Repositories Annual Report PDF
825.72 KB
09/10/2019 ESMA70-156-1010 On the application of waivers and deferrals MiFID - Secondary Markets Annual Report PDF
7.3 MB
18/07/2019 ESMA33-9-321 Technical Advice on Sustainability Considerations in the Credit Rating Market Credit Rating Agencies Technical Advice PDF
451.01 KB
10/04/2019 JC 2019 26 Joint ESA advice on the need for legislative improvements relating to ICT risk management requirements Innovation and Products, Joint Committee Technical Advice PDF
1.34 MB
10/04/2019 JC 2019 25 Joint ESA advice on the costs and benefits of developing a coherent cyber resilience testing framework for significant market participants and infrastructures Innovation and Products, Joint Committee Technical Advice PDF
785.49 KB
09/04/2019 2019 19 Joint Committee Annual Report 2018 Joint Committee Annual Report PDF
198.17 KB
19/02/2019 ESMA80-199-273 ESMA supervision 2019 work plan and annual report 2018 Credit Rating Agencies Annual Report PDF
622.46 KB
04/12/2018 ESMA33-9-281 CRA market share report Credit Rating Agencies Annual Report PDF
827.25 KB
17/07/2018 ESMA70-154-652 Call for expressions of interest- SMSC CWG Renewal MiFID - Secondary Markets Vacancy PDF
263.08 KB
17/07/2018 ESMA70-154-651 Application form- SMSC CWG Renewal 2018 MiFID - Secondary Markets Vacancy DOCX
37.81 KB
08/02/2018 ESMA80-199-153 ESMA’s supervision of credit rating agencies, trade repositories and monitoring of third country central counterparties- 2017 Annual Report and 2018 Work Programme Credit Rating Agencies Annual Report PDF
1.03 MB
02/10/2015 2015/1472 Technical Advice on Competition, Choice and Conflicts of Interest in the CRA industry Credit Rating Agencies Technical Advice PDF
2.48 MB
02/10/2015 2015/1471 Technical Advice on Reducing Sole and Mechanistic Reliance on Credit Ratings Credit Rating Agencies Technical Advice PDF
1.1 MB
16/02/2015 2015/280 ESMA supervision of Credit Rating Agencies and Trade Repositories Corporate Information, Credit Rating Agencies, Post Trading Annual Report PDF
891.95 KB		 This document reports on the direct supervisory activities carried out by ESMA during 2014 regarding credit rating agencies (CRAs) and trade repositories (TRs) within the European Union (EU). It sets out ESMAs key areas of action during 2014 and outlines ESMA’s main priorities for 2015.
19/12/2014 2014/1569 Technical Advice to the Commission on MiFID II and MiFIR MiFID - Investor Protection, MiFID - Secondary Markets Technical Advice PDF
2.8 MB		 Reasons for publication The European Securities and Markets Authority (ESMA) received a formal request (mandate) from the European Commission (Commission) on 23 April 2014 to provide technical advice to assist the Commission on the possible content of the delegated acts required by several provisions of Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The mandate focuses on technical issues which follow from MiFID II and MiFIR and is available on the European Commission website (here). ESMA was required to provide technical advice by no later than six months after the entry into force of MiFID II and MiFIR (2 July 2014). Contents This final report follows the same structure as the Consultation Paper  (CP) published by ESMA on 22 May 2014 which is: (1) Introduction, (2) Investor protection, (3) Transparency, (4) Data publication, (5) Micro-structural issues, (6) Requirements applying on and to trading venues, (7) Commodity derivatives and (8) Portfolio compression. This paper also contains summaries of responses to the CP received by ESMA. The rationale of those items covered already in the CP for which no relevant changes have been introduced, is not developed again in this Final Report. ESMA recommends, therefore, to read this report together with the CP published on 22 May 2014 to have a complete vision of the rationale for ESMA’s technical advice. Next steps Delegated acts should be adopted by the Commission so that they enter into application by 30 months following the entry into force of the Directive and Regulation, taking into account the right of the European Parliament and Council to object to a delegated act within 3 months (which can be extended by a further 3 months).
17/09/2014 2014/850rev Technical Advice in accordance with Article 39(b) 2 of the CRA Regulation Credit Rating Agencies 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.

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