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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
23/04/2020 JC 2020 16 Joint ESA consultation on ESG disclosures , Consultation Paper PDF
911.13 KB
02/04/2020 ESMA70-151-2823 ESMA Report to the European Commission on Central Clearing Obligations for PSA- No 1 , , Consultation Paper PDF
309.21 KB
30/03/2020 ESMA33-5-829 Call for evidence on access and use of ratings Consultation Paper PDF
307.88 KB
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
08/03/2019 JC-2019-17 Joint Committee of ESAs Letter on PRIIPS , Letter PDF
121.06 KB
19/12/2018 ESMA 33-9-290 Consulation Paper on Disclosure Requirements Applicable to Credit Ratings Consultation Paper PDF
519.77 KB
31/10/2018 ESMA22-106-1084 SMSG Letter to European Commission Vice-President Dombrovskis on PRIIPS Letter PDF
106.35 KB
19/07/2018 ESMA 33-9-252 Consulation Paper on Revised Guidelines on Periodic Reporting by CRAs Consultation Paper PDF
1.87 MB
12/06/2018 SGs EP Joint Stakeholder Groups letter to European Parliament on ESAs Review Letter PDF
509.13 KB
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
26/06/2017 ESMA22-106-272 Joint Statement by BSG, IRSG, OPSG and SMSG on European Commission's Consultation on the operation of the ESAs Letter PDF
596.33 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.
 

30/01/2017 ESMA70-708036281-19 Letter to European Commission- EMIR Review and Sanctioning Powers , Letter PDF
265.24 KB
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
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
10/03/2016 2015/SMSG/028 SMSG letter PRIIPs past performance Letter PDF
108.61 KB
27/01/2016 ESA/2016/07 The cross-selling of financial products – ESA request to the European Commission , Letter PDF
90.04 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

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