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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
05/12/2019 ESMA33-9-355 Guidelines on Internal Controls for CRAs Consultation Paper PDF
523.56 KB
16/10/2019 JC-2019-63 Consultation Paper on amendments to PRIIPs KID , Consultation Paper PDF
2.42 MB
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
29/09/2017 70-145-105 Draft Guidelines on non-significant benchmarks , Consultation Paper PDF
557.29 KB
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.
 

19/12/2016 JC/2016/86 Joint Committee Discussion Paper on the Use of Big Data by Financial Institutions Consultation Paper PDF
538.4 KB
29/09/2016 2016/1406 Draft technical standards under the Benchmarks Regulation Consultation Paper PDF
1.67 MB
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
27/05/2016 2016/723 Consultation Paper on ESMA technical advice on Benchmarks Regulation , Consultation Paper PDF
905.26 KB
15/02/2016 2016/288 Discussion Paper Benchmarks Regulation , Consultation Paper PDF
1017.02 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
04/12/2015 JC/2015/080 Discussion Paper on automation in financial advice Consultation Paper PDF
344.48 KB
17/11/2015 2015/1735 Discussion Paper on the validation and review of Credit Rating Agencies’ methodologies Consultation Paper PDF
421.25 KB
11/11/2015 JC/2015/073 Consultation Paper PRIIPs Key Information Documents , Consultation Paper PDF
2.23 MB
21/10/2015 JC/2015/060 Joint Consultation on Guidelines on AML_CFT RBS_Art 48(10) Consultation Paper PDF
265.86 KB
23/06/2015 JC/DP/2015/01 reply form Response form to joint Discussion Paper on PRIIPS , Consultation Paper DOCX
797.16 KB
23/06/2015 JC/DC/2015/01 Technical Discussion Paper (DP) on the PRIIPs Key Information Document (KID) , Consultation Paper PDF
1.16 MB
EBA, EIOPA, and ESMA (the ESAs) welcome comments on this Technical Discussion Paper on Risk, Performance Scenarios and Cost Disclosures in Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPs). The discussion paper is available on the websites of the three ESAs. Comments on this discussion paper can be sent using the response form, via the ESMA website under the heading ‘Your input/Consultations’ by 17 August 2015. Contributions not received in Word, or sent to an email address, or after the deadline, will not be processed. It is important to note that although you may not be able to respond to each and every question, the ESAs would encourage partial responses from stakeholders on those questions that they believe are most relevant to them. Publication of responses All contributions received will be published following the close of the consultation, unless you request otherwise. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with the ESAs’ rules on public access to documents.  We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by the Board of Appeal of the ESAs and the European Ombudsman. Data protection Information on data protection can be found on the different ESAs’ websites under the heading ‘Legal notice’.