ESMA LIBRARY

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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
05/03/2018 ESMA70-145-386 Technical Advice on the evaluation of certain elements of the Short Selling Regulation Final Report PDF
1.72 MB
17/11/2017 ESMA33-9-207 Technical Advice on CRA Regulatory Equivalence- CRA 3 Update Final Report PDF
1.51 MB
02/12/2013 2013/1775 Sovereign ratings investigation- ESMA’s assessment of governance, conflicts of interest, resourcing adequacy and confidentiality controls Final Report PDF
302.99 KB
This report summarises the findings of the European Securities and Markets Authority’s (ESMA) general investigation into sovereign credit ratings issued by Fitch Ratings, Moody’s Investors Service and Standard & Poor’s which took place between February and October 2013, as indicated in its Credit Rating Agencies (CRAs) 2013 Supervision and Policy Work Plan. In this report ESMA describes the observed deficiencies and main concerns while also identifying a number of good practices in the following areas: • the role of senior management and other non-rating functions in the rating process and the actual or potential conflicts of interest which could arise; • the actual or potential conflicts of interests generated by the involvement of sovereign analysts in research and publication activities; • confidentiality of sovereign rating information and controls in place prior to publication of ratings (including IT and access controls to confidential information); • timing of publication of sovereign ratings, including timely disclosure of rating changes; • monitoring of the adequacy and expertise of resources dedicated to sovereign ratings; • preparation of rating committees; and • definitions of roles and responsibilities among different analytical functions. ESMA’s investigation revealed shortcomings in the sovereign ratings process which could pose risks to the quality, independence and integrity of the ratings and of the rating process. As of the date of this document, ESMA has not determined whether any of the observations made in this report constitute serious indications of the possible existence of facts liable to constitute one or more infringements of the CRA Regulation.
03/01/2013 2012/875 Report to the European Parliament, the Council and the Commission on the budgetary impli-cations of Regulation (EU) No 236/2012 on short selling and certain aspects of credit default swaps Final Report PDF
532.88 KB
05/08/2014 2014/939 Report to the European Parliament, the Council and the Commission on ESMA’s staffing and resource for CRA supervision Final Report PDF
322.49 KB
The European Securities and Markets Authority (ESMA) is required by Article 39a of Regulation (EU) No 462/2013 of the European Parliament and the Council of 21 May 2013, amending Regulation (EC) No 1060/2009 on credit rating agencies (CRA Regulation), to assess the staffing and resources needs arising from the assumption of its powers and duties under the CRA Regulation and submit a report to the European Parliament, the Council and the Commission of these needs. The Report describes the tasks that ESMA carries out in view of its responsibilities under the CRA Regulation. For each task the report analyses the implications in terms of processes and activities to be carried out. The report also provides the implications in terms of resources and budget. While ESMA experienced a steep increase of resources in the initial years following the entry into force of the CRA Regulation, incremental growth in staff numbers in 2015 and 2016 can be envisaged to adequately cope with additional tasks following from the CRA3 Regulation.
02/10/2015 2015/1473 Report on the Possibility of Establishing one or more Mappings of Credit Ratings Published on the European Rating Platform Final Report PDF
515.48 KB
15/03/2018 JC-2018-04 Joint Committee Final Report on Big Data Final Report PDF
520.31 KB
21/05/2015 2015/856 Ann1 Investment-based crowdfunding- Insights from regulators in the EU Final Report PDF
319.65 KB
01/02/2013 2013/158 Guidelines on the exemption for market making activities and primary market operations under Regulation (EU) 236/2012 of the European Parliament and the Council on short selling and certain aspects of Credit Default Swaps Final Report PDF
501.8 KB
23/03/2015 2015/609 Guidelines on periodic information to be submitted to ESMA by Credit Rating Agencies Final Report PDF
166.64 KB
18/12/2017 ESMA32-60-204 Final report on the RTS on the European Single Electronic Format Final Report PDF
6.37 MB
17/11/2017 ESMA33-9-205 Final Report on the application of the CRA endorsement regime Final Report PDF
1.02 MB
31/03/2020 ESMA43-370-103 Final report on TA on EMIR 2.2 CCP fines , , , Final Report PDF
478.11 KB
18/07/2018 ESMA33-9-246 Final report on Supplementary Guidelines on Endorsement Final Report PDF
948.62 KB
15/11/2016 2016-1575 Final Report on Guidelines on the validation and review of Credit Rating Agencies’ methodologies Final Report PDF
655.85 KB
18/12/2020 ESMA50-157-2403 Final report on Guidelines on outsourcing to cloud service providers Final Report PDF
384.63 KB
18/06/2020 ESMA32-60-607 Final report on draft RTS including 2020 update RTS on ESEF Final Report PDF
6.21 MB
05/02/2019 ESMA 33-9-295 Final Report Guidelines on the Submission of Periodic Information to ESMA by Credit Rating Agencies Final Report PDF
769.91 KB
18/07/2019 ESMA33-9-320 Final Report Guidelines on Disclosure Requirements Applicable to Credit Rating Agencies Final Report PDF
336.63 KB
13/05/2020 ESMA80-189-6982 EU CLO credit ratings – an overview of Credit Rating Agencies practices and challenges , Final Report PDF
436.43 KB