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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
23/01/2013 2013/87 2013 CRA supervision and policy work plan Credit Rating Agencies Reference PDF
114.95 KB
16/12/2016 2016/1662 2016-1662 Competition & Choice in the Credit Rating Industry Credit Rating Agencies Report PDF
1.22 MB
23/09/2016 2016/1392 Annex to ECON Hearing Statement by Steven Maijoor, ESMA Chair Speeches Reference PDF
438.02 KB

The Annex contains key facts and figures about ESMA's activity over the last 12 months.
12/10/2020 ESMA22-105-1230 Annex to Opening Statement for ECON Hearing 12 October 2020 Board of Supervisors, Brexit, Corporate Information, COVID-19, Speeches Reference PDF
350.51 KB
27/10/2020 ESMA70-155-10864 Annex to Position Limits Opinion Trading Reference CSV
6.27 KB
14/09/2015 2015/1381 Annex to the Statement by Steven Maijoor ESAs Joint Committee- ECON Hearing 14 September 2015 Speeches, Joint Committee Reference PDF
253.1 KB
25/11/2021 ESMA70-155-10816 Annex to Transparency Opinion Trading Reference CSV
65.53 KB
12/01/2012 2012/3 Annual report on the application of the Regulation on credit rating agencies as provided by Article 21(5) and Article 39a of the Regulation (EU) No 1060/2009 as amended by Regulation No 1095/2010 Credit Rating Agencies Final Report PDF
141.98 KB		 This is the first report under the new CRA regulation, however, please note that CESR published a report about the application of the Regulation in the EU and, in particular, on the implementation of the requirements established in Annex I of the Regulation on 6 December 2010 (CESR/10-1424), according to Article 21(4) of the Regulation which was subsequently amended by Regulation No (EC) 513/2011. At the time of publication, 16 CRA's have been registered.
18/03/2013 2013/308 Annual report on the application of the Regulation on credit rating agencies- 2012 Credit Rating Agencies Final Report PDF
601.08 KB		 This is the second annual report on the application of the Credit Rating Agencies Regulation. 
29/07/2022 ESMA70-449-672 Call for Evidence on pre-hedging Market Abuse, Market Integrity Reference PDF
245.25 KB
08/10/2020 ESMA70-156-3430 Call for Evidence_RTS 1 and RTS 2 Review Trading Reference XLSX
8.99 MB
06/08/2019 ESMA74-361-75 Call for interest DAG members Market Integrity, Trading Reference PDF
167.88 KB
12/11/2013 2013/1643 Cover Note- Public statement containing information on shareholder cooperation and acting in concert under the Takeover Bids Directive (ESMA/2013/1642) Corporate Disclosure, Corporate Governance Reference PDF
145.01 KB		 In accordance with its mandate to take appropriate action in the context of takeover bids as per Article 1.3 of Regulation (EU) 1095/2010 (ESMA Regulation), ESMA is releasing a public statement on shareholder cooperation and acting in concert under the Takeover Bids Directive (Directive 2004/25/EC). This statement has been prepared following the review and report by the European Commission on the application of the Takeover Bids Directive and is based on information collected about the practices and application of that Directive. The statement has been prepared in order to help shareholders identify activities in relation to which they can cooperate (insofar as those activities are available to them under national company law), without that cooperation, in and of itself, leading to a conclusion that the shareholders are acting in concert and thus being at risk of having to make a mandatory bid under the Takeover Bids Directive. These activities are presented in the statement in the form of a “White List”. The statement has been prepared by the Takeover Bids Network, a permanent working group operating under the auspices of ESMA that promotes exchange of information on practices and application of the Takeover Bids Directive across the European Economic Area, thereby strengthening a common supervisory culture. The Takeover Bids Network is a specialist group composed of the national competent authorities appointed under the Takeover Bids Directive. The competent authorities represented on the ESMA Board of Supervisors are not in all cases appointed as competent authorities within the Takeover Bids Directive. The authorities not represented on the Board of Supervisors but competent within the area of takeovers are the Austrian Takeover Commission, the Irish Takeover Panel, the Oslo Stock Exchange of Norway, the Takeover Panel of Sweden and the Takeover Panel of the United Kingdom. These five authorities have contributed to the public statement and will have regard to it in the same manner as the other members of the Takeover Bids Network when assessing whether shareholders are acting in concert under their national takeover rules.
20/12/2017 ESMA33-5-209 CRA Market Share Calculation 2017 Credit Rating Agencies Report PDF
1012.23 KB
10/01/2020 ESMA33-9-340 CRA Market Share Calculation 2019 Credit Rating Agencies Report PDF
446.77 KB
18/05/2018 ESMA33-9-226 CRA Technical Committee Terms of Reference Credit Rating Agencies Reference
20/12/2019 ESMA71-100-1792 CRAs and TRs Follow Up Fees Factsheet Credit Rating Agencies, Supervisory convergence, Trade Repositories Reference PDF
122.09 KB
16/12/2013 2013/1933 CRAs’ Market share calculation according to Article 8d of the CRA Regulation Credit Rating Agencies Reference PDF
181.17 KB
21/02/2014 2014/151 Credit Rating Agencies Annual Report 2013 Credit Rating Agencies Final Report PDF
507.61 KB		 The European Securities and Markets Authority (ESMA) has published its Annual Report 2013 (Report) on credit rating agencies (CRAs) in the European Union (EU). The Report also outlines ESMA’s supervisory work plan for this year. ESMA has found that CRAs continue to progress in how they comply with the CRA Regulation, including improved internal transparency and disclosure to the market on credit rating activities as well as empowerment of the compliance function. However, ESMA considers that improvements are still necessary, notably in the following areas: • validation of rating methodologies, to ensure that a credit rating assessment is a comprehensive risk assessment leading to high quality ratings; • internal governance, ensuring the full independence of the internal review function and thereby reducing the risk of potential conflict of interest; and • robust IT systems to support the rating process, including information security controls and protection of confidential rating information. These issues form the basis for much of ESMA’s supervision activities as outlined in its 2014 work plan. This includes the completion of the two on-going supervisory reviews into CRAs’ monitoring of structured finance ratings and into small and medium-sized CRAs. A new thematic investigation on how CRAs review and validate their rating methodologies will also be launched, as well as dedicated work on CRAs’ IT systems and controls. Following the entry into force of the amended CRA Regulation in June 2013, ESMA will also complete a specific assessment on CRAs’ compliance with the new regulatory requirements.
22/12/2014 2014/1583 Credit Rating Agencies’ 2014 market share calculations for the purposes of Article 8d of the CRA Regulation Credit Rating Agencies Reference PDF
330 KB		 One of the objectives of the CRA Regulation is to increase competition in the markets for credit ratings by encouraging issuers to use smaller credit rating agencies. To this end, Article 8d(1) of the CRA Regulation states that where issuers or related third parties intend to appoint at least two CRAs to rate an issuance or entity, they shall consider appointing at least one CRA with no more than 10% of the total market share. They will consider this where the issuer or related third party finds that such a CRA is capable of rating the relevant issuance or entity and there is such a CRA available to rate the issuance or entity in question. Where it is not possible to appoint at least one CRA with no more than 10% of the total market share, the issuer or related third party shall document this. The obligations in Article 8d are supervised and enforced at national level by sectoral competent authorities. To help issuers and related third parties carry out this evaluation, Article 8d(2) of the CRA Regulation requires ESMA to publish a list of CRAs registered in the European Union (EU) on its website every year, indicating their total market share and the types of credit ratings issued.

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