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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
17/01/2020 ESMA 33-128-827 Guidelines on securitisation repository data completeness and consistency thresholds Consultation Paper PDF
694.01 KB
05/12/2019 ESMA33-9-355 Guidelines on Internal Controls for CRAs Consultation Paper PDF
523.56 KB
12/07/2019 ESMA31-62-1239 Consultation Paper on Guidelines on prospectus disclosure Consultation Paper PDF
617.89 KB
19/12/2018 ESMA 33-9-290 Consulation Paper on Disclosure Requirements Applicable to Credit Ratings Consultation Paper PDF
519.77 KB
19/07/2018 ESMA 33-9-252 Consulation Paper on Revised Guidelines on Periodic Reporting by CRAs Consultation Paper PDF
1.87 MB
27/03/2018 ESMA33-9-235 Consultation paper- Draft Guidelines on “as stringent as” notion in the CRA Regulation Consultation Paper PDF
964.56 KB
23/03/2018 ESMA33-128-212 ESMA33-128-212 Consultation Paper TA Fees Securitisation Repositories Consultation Paper PDF
659.97 KB
23/03/2018 ESMA33-128-109 Consultation Paper Securitisation Repositories Application Consultation Paper PDF
720.24 KB
19/12/2017 ESMA33-128-108 Consultation_Paper_Third-Party_Firm_STS_Verification_Application Consultation Paper PDF
586.89 KB
19/12/2017 ESMA33-128-107 Consultation_Paper_Disclosure_and_Operational_Standards Consultation Paper PDF
2.66 MB
19/12/2017 ESMA33-128-33 Consultation_Paper_STS notification Consultation Paper PDF
1.01 MB
15/12/2017 ESMA31-62-802 Consultation Paper on draft RTS under the new Prospectus Regulation Consultation Paper PDF
1.45 MB
06/07/2017 ESMA31-62-532 Draft technical advice on format and content of the prospectus Consultation Paper PDF
2.81 MB
06/07/2017 ESMA31-62-649 Draft technical advice on content and format of the EU Growth prospectus Consultation Paper PDF
1.38 MB
06/07/2017 ESMA31-62-650 Draft technical advice on scrutiny and approval of the prospectus Consultation Paper PDF
1.09 MB
04/04/2017 33-5-94 Response Form CRA Endorsement Guidelines Consultation Paper DOCX
756.11 KB
04/04/2017 33-9-149 Update of the guidelines on the application of the endorsement regime under Article 4(3) of the Credit Rating Agencies Regulation Consultation Paper PDF
1.08 MB

Endorsement is one of two regimes provided in the CRA Regulation that allow credit ratings issued in a third country to be used for regulatory purposes in the EU – the other being equivalence/certification. Article 21(3) of the CRA Regulation requires ESMA to issue and update guidelines on the application of the endorsement regime specified under Article 4(3) of the same Regulation. This Consultation Paper proposes to update the previously issued 2011 Guidelines on Endorsement.
The proposed update of the 2011 Guidelines on Endorsement is mainly driven by the need to reflect the changes to Articles 6-12 and Annex I introduced by CRA 3, which will enter into force for the purposes of equivalence and endorsement on 1 June 2018. On that basis, ESMA has to update the Methodological Framework on which ESMA relies for assessing a third-country legal and supervisory framework for the purposes of endorsement and equivalence. This Methodological Framework is provided in Annex II of the 2011 Guidelines on Endorsement. By 1 June 2018, ESMA should also have completed a reassessment of all the previously assessed third-country legal and regulatory frameworks against the new requirements based on the updated Methodological Framework (provided in Annex III).


ESMA has taken this opportunity to reassess its approach to endorsement more broadly, based on the supervisory experience acquired since the adoption of the 2011 Guidelines on Endorsement. The proposed changes and clarification of the 2011 Guidelines on Endorsement focus in particular on ESMA’s understanding of points (b), (c), (d), and (e) of Article 4(3) of the CRA Regulation.
Furthermore, some parts of the 2011 Guidelines on Endorsement relate to the establishment of ESMA, the initial registration of CRAs and various transitional arrangements. The proposed updated Guidelines on Endorsement do not include these parts, as they are no longer relevant. Finally, some information in the 2011 Guidelines on Endorsement was not addressed to market participants but referred to ESMA’s internal processes. This information has also been excluded from the proposed updated guidelines on Endorsement, but is, for context, summarised in Section 4 of this Consultation Paper.
 

13/07/2016 2016/1121 Consultation Paper on the Guidelines on the validation and review of Credit Rating Agencies’ methodologies Consultation Paper PDF
536.1 KB
25/01/2016 2016/96 Slides from ESMA’s Open Hearing on validation and review of CRAs’ methodologies Consultation Paper PDF
253.19 KB
17/11/2015 2015/1735 Discussion Paper on the validation and review of Credit Rating Agencies’ methodologies Consultation Paper PDF
421.25 KB