ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
46
DOCUMENTS

REFINE YOUR SEARCH

Sections

Type of document

Your filters
Audit X Brexit X Corporate Finance X Warnings and publications for investors X Supervisory convergence X Risk Analysis & Economics - Markets Infrastructure Investors X Credit Rating Agencies X Technical Advice X Consultation Paper X
Reset all filters
Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
23/12/2014 JC/DP/2014/01 Discussion Paper- The Use of Credit Ratings by Financial Intermediaries Article 5(a) of the CRA Regulation , Consultation Paper PDF
538.9 KB
20/11/2020 ESMA74-362-932 CP on DRSP criteria for derogation , , Consultation Paper PDF
384.54 KB
20/11/2020 ESMA74-362-837 CP on DRSP fees , , Consultation Paper PDF
526.22 KB
27/03/2020 ESMA74-362-47 CP on the TS on reporting data quality data access and registration of TRs under EMIR REFIT , , Consultation Paper PDF
2.66 MB
01/04/2020 ESMA70-156-2287 Technical Advice to the European Commission on weekly position reports under MiFID II , Technical Advice PDF
231.84 KB
26/03/2020 ESMA70-151-2852 Consultation Report PTRR Services- Article 85(3a) of EMIR , Consultation Paper PDF
537.27 KB
02/04/2020 ESMA70-151-2823 ESMA Report to the European Commission on Central Clearing Obligations for PSA- No 1 , , Consultation Paper PDF
309.21 KB
05/12/2019 ESMA33-9-355 Guidelines on Internal Controls for CRAs Consultation Paper PDF
523.56 KB
18/07/2019 ESMA33-9-321 Technical Advice on Sustainability Considerations in the Credit Rating Market Technical Advice PDF
451.01 KB
27/03/2018 ESMA33-9-235 Consultation paper- Draft Guidelines on “as stringent as” notion in the CRA Regulation Consultation Paper PDF
964.56 KB
30/03/2020 ESMA33-5-829 Call for evidence on access and use of ratings Consultation Paper PDF
307.88 KB
13/07/2018 ESMA31-62-996 Consultation Paper on Guidelines on Risk Factors Consultation Paper PDF
833.24 KB
13/07/2018 ESMA31-62-962 Consultation Paper on minimum information content for prospectus exemption Consultation Paper PDF
1.6 MB
19/12/2018 ESMA 33-9-290 Consulation Paper on Disclosure Requirements Applicable to Credit Ratings Consultation Paper PDF
519.77 KB
19/07/2018 ESMA 33-9-252 Consulation Paper on Revised Guidelines on Periodic Reporting by CRAs Consultation Paper PDF
1.87 MB
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.
 

04/04/2017 33-5-94 Response Form CRA Endorsement Guidelines Consultation Paper DOCX
756.11 KB
25/01/2016 2016/96 Slides from ESMA’s Open Hearing on validation and review of CRAs’ methodologies Consultation Paper PDF
253.19 KB
02/06/2016 2016/773 Discussion Paper on the Distributed Ledger Technology Applied to Securities Markets , Consultation Paper PDF
573.86 KB
13/07/2016 2016/1121 Consultation Paper on the Guidelines on the validation and review of Credit Rating Agencies’ methodologies Consultation Paper PDF
536.1 KB