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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
05/03/2013 2013/SMSG/03 SMSG Advice on Benchmarks/Indices , Letter PDF
253.23 KB
24/06/2014 2014/686 Letter to Commissioner Barnier re draft Regulatory Technical Standards under the CRA3 Regulation Letter PDF
25.37 KB
23/02/2015 2015/168 Letter to EU Institutions re ESMA’s 2015 Work Programme , , Letter PDF
37.31 KB
Dear Mr Gualtieri, Ms Ribkina and Commissioner Hill, On 30 September 2014 we sent you ESMA’s Work Programme for 2015, which was based on the budget request that had been approved by ESMA’s Board of Supervisors: a budget of €38,639,000 and 147 Establishment Plan posts. The EU budget had not been voted at the time. Following the adoption of the EU budget, ESMA’s 2015 expenditure budget is €33,601,402 (plus an additional €3,100,000 from assigned revenues for tasks delegated from National Competent Authorities) with an Establishment Plan of 137 posts. ESMA’s Board of Supervisors has approved a revised work programme to account for the difference of €5m and 10 Establishment Plan posts; representing a 15% reduction compared to the planned ESMA budget and 7% of its Establishment Plan. ESMA will therefore lack sufficient resources to execute all the tasks that were initially planned for 2015. The Work Programme explains the areas where reprioritisation had to take place, including the risk that ESMA will not fully meet its legal obligations, for instance due to the delay of delivery compared to legally set timetables. A summary of the deprioritised tasks is annexed to the Work Programme and reproduced in the table below. 2014/1200rev ESMA Work Programme
05/02/2016 2016/234 ESMA’s supervision of credit rating agencies and trade repositories- 2015 annual report and 2016 work plan. , Report PDF
2.08 MB

The European Securities and Markets Authority’s (ESMA) annual report and work programme has been prepared according to Article 21 of Regulation 1060/2009 on credit rating agencies as amended (the CRA Regulation) and Article 85 of Regulation 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR). It highlights the direct supervisory activities carried out by ESMA during 2015 regarding credit rating agencies (CRAs) and trade repositories (TRs) and outlines ESMA’s main priorities in these areas for 2016.

ESMA adopts a risk-based approach to the supervision of CRAs and TRs in accordance with its overall objectives of promoting financial stability and orderly markets and enhancing investor protection. This risk-based approach requires the analysis of information from a variety of sources and the application of multiple supervisory tools including day-to-day supervision, cycle of engagement meetings with supervised entities, on-site inspections and dedicated investigations.

In order to build on the expertise that ESMA has developed through its supervision of CRAs and TRs, ESMA created a single Supervision Department in November 2015. ESMA intends to draw on the best practices identified from the supervision of both types of entity to further enhance its supervisory effectiveness in future.

16/12/2016 2016/1662 2016-1662 Competition & Choice in the Credit Rating Industry Report PDF
1.22 MB
30/01/2017 ESMA70-708036281-19 Letter to European Commission- EMIR Review and Sanctioning Powers , Letter PDF
265.24 KB
03/02/2017 ESMA80-1467488426-27 Supervision Annual Report 2016 and Work Programme 2017 , Report PDF
2.49 MB
29/03/2017 ESMA70-145-48 Draft technical standards under the Benchmarks Regulation Report PDF
1.75 MB
06/04/2017 ESMA33-9-158 Supervisory Briefing: A Common Approach to the CRA Regulation’s Provisions for Encouraging the use of Smaller CRAs Report PDF
687.07 KB
  1. ESMA is required to play an active role in building a common supervisory culture by promoting common supervisory approaches and practices among nationally appointed Sectoral Competent Authorities (‘SCAs’).
  1. The purpose of this supervisory briefing is to provide guidance to SCAs in relation to the application of Articles 8c and 8d of the CRA Regulation and promote a common supervisory approach and enforcement of these Articles. In this regard, the Supervisory Briefing includes the following:
  1. A Common Supervisory Approach as to which issuers and related third parties are covered by Article 8c and 8d; and,
  1. A Standard Form for documentation in accordance with article 8d.
  1. The common supervisory approach will assist SCAs as well as issuers and related third parties by clearly establishing who should be prioritised for supervision and enforcement under these Articles.
  1. The Standard Form will assist SCAs by guaranteeing standardised and consistent data across different issuers and related third parties. It will also assist issuers and related third parties by providing clarity as to how they may meet their regulatory obligations under these Articles and simplify their internal processes by removing the need to develop in-house templates for documenting compliance under Article 8d.
  1. The Supervisory Briefing will be published on ESMA’s website and on the websites of the nationally appointed SCAs.
 
06/04/2017 ESMA31-68-147 ESMA response to Capital Markets Union Mid-Term Review Report PDF
643.2 KB
02/06/2017 ESMA70-143-5 Methodological framework for mandatory benchmarks contributions Report PDF
282.75 KB
20/12/2017 ESMA33-5-209 CRA Market Share Calculation 2017 Report PDF
1012.23 KB
11/01/2018 ESMA80-196-954 Thematic Report- On fees charged by Credit Rating Agencies and Trade Repositories , Report PDF
1.14 MB
04/02/2019 ESMA20-95-1105 2019 Regulatory Work Programme , , Report PDF
308.68 KB
20/12/2019 ESMA80-196-3218 Follow-up Report on fees charged by CRAs and TRs , , Report PDF
606.45 KB
09/01/2020 ESMA22-106-1942 Strategic Orientation 2020-22 , Report PDF
325.47 KB
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10/01/2020 ESMA33-9-340 CRA Market Share Calculation 2019 Report PDF
446.77 KB
14/02/2020 ESMA70-156-1778 ESMA’s response to the Commission’s consultation on the BMR review Report PDF
314.12 KB
02/04/2020 ESMA50-165-1107 ESMA Risk Dashboard Risk up-date , Report PDF
221.33 KB
04/05/2020 ESAs 2020 09 EMIR RTS on various amendments to the bilateral margin requirements in view of the international framework , , Report PDF
338.72 KB