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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
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 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.
 

03/10/2016 2016/BS/201rev Summary of Conclusions- Board of Supervisors Meeting 12 July 2016 Summary of Conclusions PDF
230.3 KB
01/12/2015 2015/BS/202rev1 Summary of Conclusions September 2015 Board meeting Summary of Conclusions PDF
268.78 KB
10/03/2020 ESMA22-106-2123 Summary of Conclusions Joint BoS and SMSG meeting 4 December 2019 , Summary of Conclusions PDF
95.58 KB
10/09/2019 ESMA22-106-1925 Summary of Conclusions Joint BoS and SMSG meeting 12 July 2019 , Summary of Conclusions PDF
95.54 KB
05/04/2016 2016/BS/61rev1 Summary of conclusions BoS meeting 27/01/2016 Summary of Conclusions PDF
258.36 KB
19/07/2016 2016-BS-151rev1 Summary of Conclusions BoS meeting 25 May 2016 Summary of Conclusions PDF
303.49 KB
01/06/2016 2016/BS/110rev1 Summary of conclusions BoS meeting 23/03/2016 Summary of Conclusions PDF
258.81 KB
05/04/2016 2016/BS/72rev1 Summary of conclusions BoS meeting 07/03/2016 Summary of Conclusions PDF
148.73 KB
04/02/2021 ESMA22-106-3107 Summary of Conclusions Board of supervisors-SMSG- 17 December 2020 , Summary of Conclusions PDF
119.06 KB
20/09/2021 ESMA22-106-3478 Summary of conclusions Board of Supervisors- 8 July 2021 Summary of Conclusions PDF
156.61 KB
23/06/2021 ESMA22-106-3366 Summary of conclusions Board of Supervisors- 4 May 2021 Summary of Conclusions PDF
95.67 KB
26/03/2021 ESMA22-106-3160 Summary of conclusions Board of Supervisors- 28 January 2021 Summary of Conclusions PDF
134.22 KB
04/02/2021 ESMA22-106-2960 Summary of conclusions Board of Supervisors- 27 October 2020 Summary of Conclusions PDF
123.37 KB
08/06/2021 ESMA22-106-3307 Summary of conclusions Board of Supervisors- 23 March 2021 Summary of Conclusions PDF
171.05 KB
08/04/2021 ESMA22-106-3233 Summary of conclusions Board of Supervisors- 23 February 2021 Summary of Conclusions PDF
142.17 KB
11/11/2021 ESMA22-106-3571 Summary of conclusions Board of Supervisors- 21-22 September 2021 Summary of Conclusions PDF
209.27 KB
29/07/2021 ESMA22-106-3396 Summary of conclusions Board of Supervisors- 20 May 2021 Summary of Conclusions PDF
160.01 KB
27/01/2022 ESMA22-106-3714 Summary of conclusions Board of Supervisors- 17 November 2021 Summary of Conclusions PDF
187.47 KB
02/03/2021 ESMA22-106-3105 Summary of conclusions Board of Supervisors- 16 December 2020 Summary of Conclusions PDF
313.11 KB

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