ESMA LIBRARY

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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
18/05/2011 2011/146 Press release- ESMA issues Guidelines on endorsement and clarifies the use for regula-tory purposes of credit ratings issued outside the European Union after 6 June 2011 , Press Release PDF
33.42 KB
06/06/2011 2011/170 Press release- ESMA and the Japanese FSA exchanged letters establishing the cooperation framework between the EU and Japan for credit rating agencies , Press Release PDF
133.72 KB
19/09/2011 2011/306 Press release- ESMA issues first drafts of binding standards for credit rating agencies , Press Release PDF
28.01 KB
31/10/2011 2011/360 Press release- DBRS, Fitch, Moody's, and S&P receive EU registration , Press Release PDF
189.6 KB
21/12/2011 2011/460 Press Release- ESMA extends transitional period for use of non-EU credit ratings, Australian CRA regime endorsed , Press Release PDF
164.63 KB
22/12/2011 2011/461 Final report- Regulatory Technical Standards on the presentation of the information that credit rating agencies shall disclose in accordance with Article 11(2) and point 1 of Part II of Section E of Annex I to Regulation (EC) No 1060/2009 Technical Standards PDF
555.25 KB
22/12/2011 2011/462 Final Report- Draft RTS on the assessment of compliance of credit rating methodologies with CRA Regulation Technical Standards PDF
445.83 KB
22/12/2011 2011/463 Final report- Regulatory technical standards on the information for registration and certification of credit rating agencies Technical Standards PDF
444.79 KB
22/12/2011 2011/464 Final report- Draft RTS on the content and format of ratings data periodic reporting to be requested from credit ratings agencies for the purpose of on-going supervision by ESMA Technical Standards PDF
485.78 KB
15/03/2012 2012/158 ESMA allows EU-registered CRAs to endorse credit ratings issued in the US, Canada, Hong Kong and Singapore Press Release PDF
189.93 KB
ESMA today announces that it considers the regulatory frameworks for credit rating agencies (CRAs) of the United States of America, Canada, Hong Kong and Singapore to be in line with European rules. The EU Regulation (EC) No 1060/2009 on Credit Rating Agencies1 requires ESMA to assess whether the requirements of third-country CRA regimes are “as stringent as” the European ones. Today’s announcement allows European financial institutions to continue using for regulatory purposes credit ratings issued in these countries after 30 April 2012. ESMA’s assessment of third-country CRA regimes is an important tool for enhancing internationally consistent supervision of CRAs in the interests of protecting financial markets and investors in the EU.
22/03/2012 2012/220 ESMA issues a report on its first examinations of credit rating agencies , Press Release PDF
189.81 KB
ESMA today publishes a report (ESMA/2012/207) on the supervision of Credit Rating Agencies (CRAs) registered in the European Union (EU). The report provides an overview of ESMA’s supervisory activity and summarises the results of the first examinations ESMA conducted in December 2011 of three groups of CRAs, namely Fitch Ratings (Fitch), Moody’s Investor Services (Moody’s) and Standard and Poor’s Rating Services (S&P).
30/03/2012 2012/228 Draft technical standards on the Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps Technical Standards PDF
1.02 MB
Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March on short selling and certain aspects of credit default swaps (the Regulation)  requires ESMA to develop draft regulatory (RTS) and implementing technical standards (ITS) in relation to several provisions contained in Articles 9, 11, 12 and 16 of the Regulation. The draft RTS and ITS will be submitted to the European Commission by 31 March 2012. The Commission has three months to decide whether to endorse ESMAs draft technical standards. A further regulatory technical standard, on the method of calculation of the fall in value of a financial instrument required under Article 24(8) of the Regulation will be submitted together with the technical advice in the course of April 2012.
18/04/2012 2012/256 ESMA approves credit ratings from Argentina and Mexico for use in the EU , Press Release PDF
186.59 KB
The European Securities and Markets Authority (ESMA) announces today that it considers the regulatory frameworks for credit rating agencies (CRAs) of Argentina and Mexico to be in line with European Union rules.  Today’s announcement allows European financial institutions to continue using credit ratings issued in these countries for regulatory purposes after 30 April 2012.In order to facilitate regulatory information exchange, and as a precondition to endorsement, ESMA has entered into co-operation agreements for the supervision of CRAs with the national competent authorities of Argentina and Mexico.  Ratings issued under the regulatory frameworks of Australia, Canada, Hong Kong, Japan, Singapore and the United States have already been approved for use in the EU.
27/04/2012 2012/274 ESMA approves credit ratings from Brazil for use in the EU , Press Release PDF
182.58 KB
ESMA considers the regulatory framework for credit rating agencies (CRAs) of Brazil to be in line with European Union rules. This allows European financial institutions to continue using credit ratings issued in Brazil for regulatory purposes after 30 April 2012. In order to facilitate the exchange of regulatory information, and as a precondition to endorsement, ESMA has also entered into a co-operation agreement for the supervision of CRAs with the Securities and Exchange Commission of Brazil (Comissão de Valores Mobiliários – CVM).
17/09/2012 2012/582 ESMA consults on market maker and primary dealer exemption for short selling , Press Release PDF
113.92 KB
27/09/2012 2012/600 Draft technical standards under the Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC Derivatives, CCPs and Trade Repositories Technical Standards PDF
1.88 MB
02/02/2012 2012/64 ESMA makes available data on credit ratings’ past performances- central repository launched Press Release PDF
196.21 KB
ESMA launches today a Central Rating Repository (CEREP) providing information on credit ratings issued by those 15 Credit Rating Agencies (CRAs) which are either registered or certified in the European Union.   The CEREP database will allow investors to assess for the first time on a single platform the performance and reliability of credit ratings on different types of ratings, asset classes and geo-graphical regions over the time period of choice.  To access the database, please click here.
20/12/2012 2012/860 ESMA proposes guidelines on the scope of the CRA Regulation , Press Release PDF
109.79 KB
ESMA proposes guidelines on the scope of the CRA Regulation The European Securities and Markets Authority (ESMA) has launched a Consultation Paper on Guidelines and Recommendations on the scope of the CRA Regulation.  The draft Guidelines aim to provide clarification on certain aspects of the scope of the Credit Rating Agencies (CRA) Regulation to registered CRAs, other market participants operating on the perimeter of this sector and to national securities markets regulators.The draft Guidelines focus on a number of areas under the CRA Regulation, which ESMA believes require clarification following its experience of the registration process and the enforcement of the perimeter of the CRA Regulation under the new EU supervisory regime.  The Guidelines will contribute to a consistent approach to the application of the CRA Regulation and ensure a level-playing field for all market participants in this industry.ESMA would like to remind market participants that issuing credit ratings in the EU is a regulated activity.  Market participants conducting rating activities within the scope of the CRA Regulation must apply for registration with ESMA, and that carrying on these activities without registration constitutes an infringement of the CRA Regulation and is subject to administrative sanctions, including fines.The draft Guidelines address the following issues:•    Obligation to register;•    Credit rating activities and exemptions from registration;•    Private Ratings;•    Establishment of branches outside the EU by registered CRAs;•    Specific disclosure best practices – credit scoring firms and export credit agencies; and•    Enforcement of the scope of the CRA RegulationThe closing date for responses is 20 February 2013 and an open hearing on the consultation will take place in Paris on 22 January 2013.
08/08/2013 2013/1087 Final Report on amended EMIR implementing technical standards Technical Standards PDF
335.07 KB

The European Securities and Markets Authority (ESMA) has sent the European Commission a Final Report proposing an amendment to Article 5 of the Commission Implementing Regulation (EU) No.1247/2012 (ITS on reporting) on the format and frequency of reporting to trade repositories under EMIR. The amendment relates specifically to the reporting of exchange traded derivatives (ETDs) and proposes postponing the reporting start date by one year. Background Article 5 regards the reporting start date of derivatives to trade repositories, however the current dates do not include a specification of ETDs. This specification would be useful as there is a risk currently that reporting of ETDs is not harmonised unless further regulatory guidance is issued. Based on the need to ensure the consistent implementation of EMIR, ESMA considered that guidelines and recommendations should be developed in relation to this issue. A delay in the reporting date for ETD transactions will allow sufficient time for the development of the relevant guidelines and their implementation by counterparties, trade repositories and regulators. The European Commission has three months to decide whether to endorse ESMA’s draft implementing technical standards.

03/10/2013 2013/1400 20 September 2013 meeting of the Principals of the OTC Derivative Regulators Group , Press Release PDF
86.63 KB

Principals and senior representatives of authorities responsible for the regulation of the over-the-counter (OTC) derivatives markets in Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Québec, Singapore, Switzerland and the United States met on 20 September 2013 at the headquarters of the European Securities and Markets Authority (ESMA) in Paris.  The Principals and representatives include:  ·         Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA); ·         Greg Medcraft, Chairman of the Australian Securities and Investments Commission; ·         Leonardo Pereira, Chairman of the Comissão de Valores Mobiliários (Brazil); ·         Patrick Pearson, Acting Director at the European Commission; ·         Ashley Alder, Chief Executive Officer of the Hong Kong Securities and Futures Commission; ·         Masamichi Kono, Vice-Commissioner of the Japan Financial Services Agency; ·         Howard Wetston, Chair of the Ontario Securities Commission; ·         Anne Héritier Lachat, Chair of the Swiss Financial Market Supervisory Authority; ·         Gary Gensler, Chairman of the United States Commodity Futures Trading Commission; ·         Mary Jo White, Chair of the United States Securities and Exchange Commission; ·         Chuan Teck Lee, Assistant Managing Director at the Monetary Authority of Singapore; ·         Louis Morisset, President and CEO, l’Autorité des marchés financiers du Québec.  The Principals discussed generally: the application of clearing requirements to foreign branches and affiliates; risk mitigation techniques for non-centrally cleared derivatives transactions, such as timely confirmation, portfolio reconciliation, portfolio compression, valuation and dispute resolution; the need to co-operate in the implementation of internationally agreed standards on margin for non-centrally cleared derivatives transactions; co-operation on equivalence and substituted compliance assessments among the relevant authorities; and co-operation between authorities in the supervision of registered foreign entities;  The Principals agreed to meet again in February to continue the discussion of the above points.

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