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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
13/05/2022 JC 2022 26 SFDR queries forwarded to the Commission Joint Committee, Sustainable finance Q&A PDF
132.33 KB
28/01/2022 ESMA 80-416-228 Consultation Paper on Revision to Guidelines and Recommendations on Scope of the CRA Regulation Credit Rating Agencies Consultation Paper PDF
481.87 KB
30/11/2021 SFDR EC Q&A CORRECTION EC Q&A on sustainability-related disclosures- correction Joint Committee, Sustainable finance Q&A PDF
87.19 KB
29/07/2021 ESMA33-5-87 Q&A on the Implementation of the Regulation (EU) No 462 2013 On CRA Credit Rating Agencies Q&A PDF
409.83 KB
26/07/2021 SFDR EC Q&A EC Q&A on sustainability-related disclosures Joint Committee, Sustainable finance Q&A PDF
601.99 KB
26/05/2021 ESMA 33-9-413 Guidelines on Disclosure Requirements for Initial Reviews and Preliminary Ratings Credit Rating Agencies Consultation Paper PDF
392.05 KB
29/01/2021 ESMA 80-196-5019 Consultation Paper on Fees Charged to CRAs by ESMA Credit Rating Agencies Consultation Paper PDF
345.85 KB
09/11/2020 ESMA31-67-127 Question and answers on Transparency Directive (TD) Brexit, Corporate Disclosure, Corporate Finance, Supervisory convergence, Transparency Q&A PDF
352.79 KB
05/11/2020 ESMA30-379-325 Consultation Paper- Draft advice to EC under Article 8 of the Taxonomy Regulation Sustainable finance Consultation Paper PDF
1.79 MB
03/11/2020 ESMA71-99-1423 QA Fast Track Peer Review- Wirecard Corporate Disclosure, Guidelines and Technical standards, Supervisory convergence Q&A PDF
248.14 KB
23/04/2020 JC 2020 16 Joint ESA consultation on ESG disclosures Joint Committee, Sustainable finance Consultation Paper PDF
911.13 KB
30/03/2020 ESMA33-5-829 Call for evidence on access and use of ratings Credit Rating Agencies Consultation Paper PDF
307.88 KB
05/12/2019 ESMA33-9-355 Guidelines on Internal Controls for CRAs Credit Rating Agencies Consultation Paper PDF
523.56 KB
11/04/2019 ESMA31-62-780 Q&A on Prospectus Related Topics Brexit, Corporate Disclosure, Corporate Finance, Corporate Governance, Corporate Information, Prospectus, Supervisory convergence Q&A PDF
957.9 KB
19/12/2018 ESMA 33-9-290 Consulation Paper on Disclosure Requirements Applicable to Credit Ratings Credit Rating Agencies Consultation Paper PDF
519.77 KB
19/07/2018 ESMA 33-9-252 Consulation Paper on Revised Guidelines on Periodic Reporting by CRAs Credit Rating Agencies 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 Credit Rating Agencies Consultation Paper PDF
964.56 KB
29/09/2017 70-145-105 Draft Guidelines on non-significant benchmarks Benchmarks, Guidelines and Technical standards Consultation Paper PDF
557.29 KB
04/04/2017 33-5-94 Response Form CRA Endorsement Guidelines Credit Rating Agencies 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 Credit Rating Agencies 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.
 

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