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|05/12/2019||ESMA33-9-355||Guidelines on Internal Controls for CRAs||Credit Rating Agencies||Consultation Paper||PDF
|18/07/2019||ESMA33-9-321||Technical Advice on Sustainability Considerations in the Credit Rating Market||Credit Rating Agencies||Technical Advice||PDF
|19/12/2018||ESMA 33-9-290||Consulation Paper on Disclosure Requirements Applicable to Credit Ratings||Credit Rating Agencies||Consultation Paper||PDF
|19/07/2018||ESMA 33-9-252||Consulation Paper on Revised Guidelines on Periodic Reporting by CRAs||Credit Rating Agencies||Consultation Paper||PDF
|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
|29/09/2017||70-145-105||Draft Guidelines on non-significant benchmarks||Benchmarks, Guidelines and Technical standards||Consultation Paper||PDF
|04/04/2017||33-5-94||Response Form CRA Endorsement Guidelines||Credit Rating Agencies||Consultation Paper||DOCX
|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
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.
|28/10/2016||2016/1529||Joint ESMA and EBA Guidelines on the assessment of the suitability of members of the management body and key function holders||Guidelines and Technical standards, MiFID - Investor Protection||Consultation Paper||PDF
|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
|31/05/2016||2016/732||Guidelines on participant default rules and procedures under CSDR||Guidelines and Technical standards, Post Trading||Consultation Paper||PDF
The European Securities and Markets Authority (ESMA) under Article 41(4) of Regulation (EU) No 909/2014 of the European Parliament and of the Council on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation No 236/2012 (CSDR) may issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 in order to ensure consistent application of Article 41 of CSDR relating to participant default rules and procedures.
Section 2 contains information on the background and mandate, Section 3 contains an analysis of the scope and content of the proposed guidelines, while Section 4 contains the proposed guidelines.
Annex I sets out a summary of the questions contained in this paper and Annex II includes a high level cost-benefit analysis for the guidelines.
ESMA will consider the feedback it will receive to this consultation with a view to finalising the guidelines by Q4 2016.
|25/01/2016||2016/96||Slides from ESMA’s Open Hearing on validation and review of CRAs’ methodologies||Credit Rating Agencies||Consultation Paper||PDF
|17/11/2015||2015/1735||Discussion Paper on the validation and review of Credit Rating Agencies’ methodologies||Credit Rating Agencies||Consultation Paper||PDF
|02/10/2015||2015/1472||Technical Advice on Competition, Choice and Conflicts of Interest in the CRA industry||Credit Rating Agencies||Technical Advice||PDF
|02/10/2015||2015/1471||Technical Advice on Reducing Sole and Mechanistic Reliance on Credit Ratings||Credit Rating Agencies||Technical Advice||PDF
|20/03/2015||2015/558||Call for evidence on private and bilateral SFIs||Credit Rating Agencies||Consultation Paper||PDF
|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
|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
|17/09/2014||2014/850rev||Technical Advice in accordance with Article 39(b) 2 of the CRA Regulation||Credit Rating Agencies||Technical Advice||PDF
|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.|
|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
|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.|