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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
27/10/2015 2015/1606 Common enforcement priorities for 2015 financial statements , Press Release PDF
138.19 KB
23/07/2018 ESMA71-99-1017 CRA fine- ESMA fines five banks , Press Release PDF
223.54 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.
01/02/2019 ESMA71-99-1096 ESMA and EU securities regulators MoUs with FCA , , , , , Press Release PDF
80.5 KB
13/10/2016 2016 IFRS Press Release ESMA and IFRS® Foundation strengthen cooperation , , Press Release PDF
213.42 KB
12/11/2012 2012/730 ESMA announces enforcement priorities for 2012 financial statements , Press Release PDF
164.68 KB
11/11/2013 2013/1635 ESMA announces financial statements’ enforcement priorities for 2013 , , Press Release PDF
94.29 KB

The European Securities and Markets Authority (ESMA) has published its European Common Enforcement Priorities (Priorities) for 2013. These Priorities are to be used by European Economic Area (EEA) national authorities in their assessment of listed companies’ 2013 financial statements. ESMA has defined these Priorities in order to promote the consistent application of IFRS across the EEA. Listed companies and their auditors should take account of the areas set out in the Priorities when preparing and auditing the IFRS financial statements for the year ending 31 December 2013. The Priorities identified refer to the application of IFRS in relation to: • Impairment of non-financial assets; • Measurement and disclosure of post-employment benefit obligations; • Fair value measurement and disclosure; • Disclosures related to significant accounting policies, judgements and estimates; and • Measurement of financial instruments and disclosure of related risks. Steven Maijoor, ESMA Chair, said: “ESMA, in setting out these enforcement priorities for listed companies financial statements, aims to ensure that the IFRS recognition, measurement and disclosure principles are consistently applied across the EEA. “Consistent application of accounting standards is a key factor in ensuring the transparency and accuracy of the financial information which investors rely upon, and ultimately contributes to the proper functioning of Europe’s capital markets. “Finally, considering the focus on asset quality in the financial sector, listed financial institutions and their auditors should pay particular attention to properly measuring financial instruments and the accurate disclosure of related risks.” ESMA and the national competent authorities will monitor the application of the IFRS requirements outlined in the Priorities, with national authorities incorporating them into their reviews and taking corrective actions where appropriate. In addition to these Priorities, national authorities may also focus on other locally relevant areas as part of their review. Therefore, national enforcement processes may not be limited to the specific issues contained in this statement. ESMA will collect data on how European listed entities have applied the Priorities and will publish its findings on these Priorities in early 2015. It expects to publish its findings on the 2012 Priorities in early 2014.

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).
07/06/2013 2013/700 ESMA approves Dagong Europe as a credit rating agency Press Release PDF
73.5 KB
The European Securities and Markets Authority (ESMA) has formally approved the registration of Dagong Europe Credit Rating Srl (Dagong Europe), based in Italy, as a credit rating agency (CRA) under Article 16 of the CRA Regulation. The registration takes effect from 13 June 2013.
30/05/2013 2013/630 ESMA approves EIU as a credit rating agency , Press Release PDF
73.53 KB
The European Securities and Markets Authority (ESMA) has formally approved the registration of the Economist Intelligence Unit (EIU), based in the United Kingdom, as a credit rating agency (CRA) under Article 16 of the CRA Regulation. The registration takes effect from 3 June 2013. EIU’s registration as a CRA means that its credit ratings can be used for regulatory purposes under EU legislation.
01/07/2013 2013/853 ESMA approves Spread Research as a credit rating agency Press Release PDF
73.4 KB
The European Securities and Markets Authority (ESMA) has formally approved the registration of Spread Research SAS, based in France, as a credit rating agency (CRA) under Article 16 of the CRA Regulation. The registration takes effect from 1 July 2013.
03/06/2014 2014/596 ESMA censures Standard & Poor’s for internal control failings , Press Release PDF
111.54 KB
The European Securities and Markets Authority (ESMA) has issued a public notice censuring Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited (S&P) for breaches of Regulation 1060/2009 (CRA Regulation). The decision by ESMA to issue a public notice results from its investigation into the erroneous publication on 10 November 2011 by S&P, to the subscribers of its Global Credit Portal, of an email stating “France (Republic of) (Unsolicited Ratings): DOWNGRADE”, although S&P’s rating of France had not been downgraded. ESMA found that this incident was the result of a failure by S&P to meet certain organisational requirements set out in the CRA Regulation, relating to sound internal control mechanisms, effective control and safeguard arrangements for information processing systems and decision-making procedures and organisational structures. ESMA, based on the provisions of the CRA Regulation, decided that the relevant breaches warranted a supervisory measure in the form of a public notice. The final decision on the supervisory measure took into account the steps taken by S&P to end the infringement and was considered proportionate to the seriousness of the breach. Case Background S&P, on 10 November 2011 at 15:57 CET, erroneously released to subscribers of its web-based Global Credit Portal (GCP) an email alert which stated in its header “France (Republic of) (Unsolicited Ratings): DOWNGRADE”, although S&P’s credit rating of France had not changed. GCP is one of the methods used by S&P to disseminate its credit ratings and other financial information products. Among other services, it provides an email alert function that a subscriber can customise in order to receive alerts when certain information changes on GCP, e.g. in case S&P decides to change a credit rating on a particular issuer. S&P’s internal database, where it maintained its credit ratings, was also used to store its Banking Industry Country Risk Assessments (BICRAs). BICRAs are not credit ratings but assessments of the banking systems in particular countries and have been published since 2006. S&P later decided to maintain BICRAs in the same centralised internal database as its credit ratings and to display BICRAs on GCP. The relevant technical specifications for this project treated BICRAs as ratings and no effective action was taken to address the implications this could have. This eventually led to the erroneous release when an attempt to change an incorrect display of France’s BICRA on GCP triggered an email alert stating in its header that the rating of France had been downgraded. ESMA’s Role Since July 2011 ESMA has been responsible for the regulation of credit rating agencies in the European Union including their registration and supervision in line with the requirements of the CRA Regulation. ESMA has the power to take appropriate enforcement action where it discovers a breach of the CRA Regulation, ranging from the issuance of public notices to the withdrawal of registration and imposition of fines.
17/06/2013 2013/743 ESMA clarifies boundary of CRA Regulation Press Release PDF
119.21 KB
17/11/2017 ESMA71-99-642 ESMA clarifies endorsement regime for third-country credit ratings Press Release PDF
307.12 KB
19/07/2013 2013/1014 ESMA consults on accounting enforcement guidelines , Press Release PDF
540.55 KB

ESMA consults on accounting enforcement guidelines The European Securities and Markets Authority (ESMA) has launched a consultation on Guidelines on the enforcement of financial information published by listed entities in the European Union (EU). The Guidelines aim to strengthen and promote greater supervisory convergence in existing enforcement practices amongst EU national authorities, thereby ensuring the proper and rigorous enforcement of financial information disclosure practices in the EU. The Guidelines establish the principles to be followed in the enforcement process, by clearly defining: • enforcement and its scope; • expected characteristics of the enforcer; • acceptable selection techniques and other aspects of enforcement methodology; • the types of enforcement actions that may be available to enforcers; and • how enforcement activities are coordinated within ESMA. The Guidelines also propose that the coordination of European enforcers by ESMA should involve the development of coordinated views on accounting matters prior to national enforcement actions, the identification of common enforcement priorities and common responses to the accounting standard setter to ensure consistent application of the financial reporting framework. The proposed Guidelines apply to all competent authorities and any other bodies from the EU undertaking enforcement responsibilities under the Transparency Directive, and IFRS Regulation. Steven Maijoor, ESMA Chair, said: “ESMA believes that in order to achieve a proper and rigorous enforcement there is a need for a common EU approach to the enforcement of financial information disclosures. These proposed Guidelines, if applied consistently across the EU, will promote uniform application of the financial reporting standards, help avoid regulatory arbitrage by issuers and promote investor confidence in financial markets.” The closing date for responses to this consultation is 15 October 2013 and ESMA expects to publish the final guidelines in 2014.

11/02/2014 2014/165 ESMA consults on new CRA transparency requirements Press Release PDF
105.23 KB
03/04/2018 ESMA71-99-958 ESMA continues to focus on convergence in enforcement of IFRS across the EU , , Press Release PDF
154.53 KB
15/11/2016 2016/1577 ESMA finalises Guidelines on the validation and review of Credit Rating Agencies’ methodologies , Press Release PDF
215.45 KB
01/06/2017 ESMA71-99-466 ESMA fines Moody’s €1.24 million for credit ratings breaches , , Press Release PDF
238.35 KB

The European Securities and Markets Authority (ESMA) has fined Moody’s Deutschland GmbH (Moody’s Germany) €750,000 and Moody’s Investors Service Limited (Moody’s UK) €490,000, and issued a public notice, for two negligent breaches of the Credit Rating Agencies Regulation (CRAR).

ESMA found that Moody’s Germany and Moody’s UK negligently committed two infringements of the CRAR regarding their public announcement of certain ratings and their public disclosure of methodologies used to determine those ratings. These failures concern nineteen ratings issued between June 2011 and December 2013 for nine supranational entities including the European Investment Bank, the European Investment Fund, the European Stability Mechanism, the European Financial Stability Facility and the European Union.

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