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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
13/04/2021 ESMA80-195-858 ESMA response to ESRB letter on procyclicality of credit ratings Letter PDF
180.39 KB
17/02/2020 ESMA33-5-87 Q&A on the Implementation of the Regulation (EU) No 462 2013 On CRA Q&A PDF
401.67 KB
28/10/2019 ESMA22-106-1990 SMSG Opinion on ESMA's Report on performance and cost of retail investment products Opinion PDF
148.41 KB
18/07/2019 ESMA33-9-321 Technical Advice on Sustainability Considerations in the Credit Rating Market Technical Advice PDF
451.01 KB
27/05/2019 ESMA32-62-126 letter to IAASB- proposed strategy for 2020-2023 and work plan for 2020-2021 Letter PDF
178.15 KB
31/10/2018 ESMA22-106-1084 SMSG Letter to European Commission Vice-President Dombrovskis on PRIIPS Letter PDF
106.35 KB
31/10/2018 ESMA22-106-1296 SMSG Opinion on EC request to ESAs on cost and performance of retail investment, insurance and pension products Opinion PDF
152.91 KB
12/06/2018 SGs EP Joint Stakeholder Groups letter to European Parliament on ESAs Review Letter PDF
509.13 KB
26/07/2017 ESMA32-62-91 Comment letter to the IAASB on ISA 540 Auditing accounting estimates , Letter PDF
361.8 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
30/01/2017 ESMA70-708036281-19 Letter to European Commission- EMIR Review and Sanctioning Powers , Letter PDF
265.24 KB
12/10/2016 2016/1465 Comment letter to IASB regarding the proposed IASB’s ED ‘Definition of a Business and Accounting for Previously Held Interests’ , Letter PDF
288.41 KB
12/10/2016 2016/1466 Comment letter to EFRAG regarding the proposed IASB’s ED ‘Definition of a Business and Accounting for Previously Held Interests’ , Letter PDF
287.78 KB
26/05/2016 2016/728 Comment letter to IAASB on Audit Quality , Letter PDF
537.7 KB
12/05/2016 ESA/2016/41 Opinion of the ESAs- ECAI credit assessments , Opinion PDF
379.79 KB
10/03/2016 2015/SMSG/028 SMSG letter PRIIPs past performance Letter PDF
108.61 KB
02/10/2015 2015/1472 Technical Advice on Competition, Choice and Conflicts of Interest in the CRA industry Technical Advice PDF
2.48 MB
02/10/2015 2015/1471 Technical Advice on Reducing Sole and Mechanistic Reliance on Credit Ratings Technical Advice PDF
1.1 MB
17/09/2014 2014/850rev Technical Advice in accordance with Article 39(b) 2 of the CRA Regulation 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.
24/06/2014 2014/686 Letter to Commissioner Barnier re draft Regulatory Technical Standards under the CRA3 Regulation Letter PDF
25.37 KB