ESMA LIBRARY

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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
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.
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
28/09/2020 ESMA70-156-3329 MiFID II MiFIR review report on the transparency regime for non-equity instruments Final Report PDF
1.48 MB
29/09/2021 ESMA70-156-4572 MiFID II Final Report on Algorithmic Trading , Final Report PDF
1.94 MB
23/03/2015 2015/609 Guidelines on periodic information to be submitted to ESMA by Credit Rating Agencies Final Report PDF
166.64 KB
26/03/2021 ESMA43-370-281 Final report_TA on procedural rules for penalties imposed on Benchmark Administrators Final Report PDF
369.64 KB
21/06/2021 ESMA80-196-5170 Final Report Technical Advice on Fees Charged to CRAs by ESMA Final Report PDF
404.7 KB
17/11/2017 ESMA33-9-205 Final Report on the application of the CRA endorsement regime Final Report PDF
1.02 MB
10/11/2016 2016-1560 Final Report on Technical Advice under the Benchmarks Regulation Final Report PDF
943.42 KB
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
07/04/2021 ESMA70-156-4103 Final Report on SME GMs- MiFID II Final Report PDF
741.13 KB
03/05/2019 ESMA35-43-1737 Final report on integrating sustainability risks and factors in the MIFID II , , Final Report PDF
371.73 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
20/12/2018 ESMA70-145-1008 Final report on Guidelines on non-significant benchmarks Final Report PDF
673.72 KB
24/09/2021 ESMA81-393-239 Final Report on Guidelines on methodology, oversight function and record keeping under the Benchmarks Regulation Final Report PDF
315.98 KB
18/11/2021 ESMA70-156-4953 Final Report on draft RTS on the clearing and derivative trading obligations in view of the benchmark transition to risk free rates , Final Report PDF
948.59 KB
02/06/2017 ESMA70-145-81 Final report on draft RTS on cooperation with third countries under BMR Final Report PDF
203.07 KB