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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	Credit Rating Agencies	Consultation Paper	PDF 523.56 KB			esma33-5-790_response_form_-_guidelines_on_internal_controls_for_cras.docx
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
13/07/2017	ESMA70-154-270	Opinion to support supervisory convergence in the area of secondary markets in the context of the United Kingdom withdrawing from the European Union	Brexit, MiFID - Secondary Markets, Supervisory convergence	Opinion	PDF 181.69 KB
13/07/2017	ESMA35-43-762	Opinion to support supervisory convergence in the area of investment firms in the context of the United Kingdom withdrawing from the European Union	Brexit, MiFID - Investor Protection, Supervisory convergence	Opinion	PDF 236.23 KB
13/07/2017	ESMA35-45-344	Opinion to support supervisory convergence in the area of investment management in the context of the United Kingdom withdrawing from the European Union	Brexit, Fund Management, Supervisory convergence	Opinion	PDF 246.6 KB
31/05/2017	ESMA42-110-433	General Principles to support supervisory convergence in the context of the UK withdrawing from the EU	Brexit, Supervisory convergence	Opinion	PDF 182.68 KB		The European Securities and Markets Authority’s (ESMA) competence to deliver an opin-ion is based on Article 29(1)(a) of Regulation (EU) No 1095/2010 of the European Parliament and of the Council (ESMA Regulation). In accordance with Article 44(1) of the ESMA Regulation, the Board of Supervisors has adopted this opinion.
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.
13/07/2016	2016/1121	Consultation Paper on the Guidelines on the validation and review of Credit Rating Agencies’ methodologies	Credit Rating Agencies	Consultation Paper	PDF 536.1 KB
12/05/2016	ESA/2016/41	Opinion of the ESAs- ECAI credit assessments	Credit Rating Agencies, Joint Committee	Opinion	PDF 379.79 KB
25/01/2016	2016/96	Slides from ESMA’s Open Hearing on validation and review of CRAs’ methodologies	Credit Rating Agencies	Consultation Paper	PDF 253.19 KB
17/11/2015	2015/1735	Discussion Paper on the validation and review of Credit Rating Agencies’ methodologies	Credit Rating Agencies	Consultation Paper	PDF 421.25 KB
20/03/2015	2015/558	Call for evidence on private and bilateral SFIs	Credit Rating Agencies	Consultation Paper	PDF 118.4 KB		This call for evidence should be read by all those involved in the EU securitisation markets. It is particularly targeted at the following market participants and the groups and trade associations who represent them: • Issuers, originators and sponsors of Structured Finance Instruments (SFIs);• Investors acting in the securitisation markets;• Market intermediaries other than the issuers, originators and sponsors of SFIs.Responses are most helpful to ESMA when they clearly indicate which question is being answered and provide evidence in support of the response, such as concrete examples of practices experienced, data or costs estimates. Should respondents feel that the distinction provided for by the two proposed categories (issuers vs. investors) is not suitable to their particular situation, ESMA welcomes these contributions in alternative format. ESMA will consider all responses that have been received by 20 May 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’.
03/02/2015	2015/233	Call for Evidence Competition, Choice and Conflicts of Interests in the CRA Industry	Credit Rating Agencies	Consultation Paper	PDF 402.12 KB
23/12/2014	JC/DP/2014/01	Discussion Paper- The Use of Credit Ratings by Financial Intermediaries Article 5(a) of the CRA Regulation	Credit Rating Agencies, Joint Committee	Consultation Paper	PDF 538.9 KB
16/07/2014	2014/845	Consultation Paper on periodic information to be submitted to ESMA by Credit Rating Agencies	Credit Rating Agencies	Consultation Paper	PDF 367.99 KB		Summary The European Securities and Markets Authority (ESMA) is consulting on new supervisory guidelines regarding the information that is periodically submitted to ESMA by credit rating agencies. Good quality, relevant and timely data is key to the efficient and effective supervision of the CRA sector and the aim of this consultation paper is to ensure that the information that CRAs are requested to submit supports ESMA's supervisory work in identifying the key risks in the CRA sector. In addition to the periodic reporting to CEREP and SOCRAT, registered CRAs must notify ESMA of changes to their initial conditions for registration and submit periodically to ESMA information in accordance with ESMA’s Guidance on the enforcement practices and activities. CRAs must also submit annually to ESMA information regarding their revenues for the calculation of the supervisory fees and market share. Finally, CRAs submit to ESMA periodically other information that is used for on-going supervisory purposes. The guidelines are proposed under Article 16 of EU No 1095/2010 of the European Parliament and of the Council of 24 November 2010, which enables ESMA to publish guidelines addressed to financial market participants with a view to establishing consistent, efficient and effective supervisory practices. These proposed guidelines will replace CESR’s Guidance on the enforcement practices and activities to be conducted under Article 21.3(a) of the Regulation (ESMA/2010/944) of 30 August 2010. The consultation paper should be by read by credit rating agencies (as defined in Article 3(1)(b) of the CRA Regulation), companies which have applied for registration or are considering applying for registration, competent authorities, and consumer groups. An open hearing on the issues contained in this paper will be held on 15 October 2014. The closing date for comments is 31 October 2014.
11/02/2014	2014/150	Consultation Paper on CRA3 Implementation	Credit Rating Agencies	Consultation Paper	PDF 1.92 MB		The consultation paper seeks stakeholders’ views on the draft RTS ESMA is required to adopt under the CRA3 Regulation. The input from stakeholders will help ESMA in drafting the final report. Respondents to this consultation are encouraged to provide the relevant data to support their arguments or proposals. Responding to this paper ESMA invites comments on all matters in this paper. Comments are most helpful if they: contain a clear rationale; include quantitative elements to support any concern; and describe any alternatives ESMA should consider, including alternative drafts. ESMA will consider all comments received by 11 April 2014.All contributions should be submitted online on the Consultation Page. Hearing ESMA is seeking input from users, producers of credit ratings, those involved in the issuance of structured finance instruments (issuers, originators and sponsors), anyone interested in the up-to-date individual rating data or in competition in the credit market.The hearing will be held on Friday, 14 March 2014, from 10.00 to 13.00 CET and is open to all. Please register on the Hearing page.
10/07/2013	2013/891	Discussion Paper on CRA3 Implementation	Credit Rating Agencies	Consultation Paper	PDF 639.76 KB		The Discussion Paper deals with the implementation of the CRA3 Regulation, which entered into force on 20 June 2013.The Regulation, which complements the existing regulatory framework for credit rating agencies (CRAs), requires ESMA to draft Regulatory Technical Standards (RTS) on:• disclosure requirements on structured finance instruments (SFIs);• the European Rating Platform (ERP); and• the periodic reporting on fees charged by CRAs.ESMA is seeking views from all interested parties by 10 October 2013 in order to assist in its preparation of the draft RTS to be published for consultation in early 2014. ESMA must submit the draft RTS to the European Commission by 21 June 2014.