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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
04/06/2020 ESMA71-99-1338 Scope Ratings Enforcement Action , Press Release PDF
127.88 KB
17/02/2020 ESMA70-708036281-2 Questions and Answers on CSDR , Q&A PDF
575.59 KB
09/11/2020 ESMA31-67-127 Question and answers on Transparency Directive (TD) , , , , Q&A PDF
352.79 KB
06/04/2021 ESMA74-362-893 QAs on SFTR data reporting , , Q&A PDF
327.76 KB
03/11/2020 ESMA71-99-1423 QA Fast Track Peer Review- Wirecard , , Q&A PDF
248.14 KB
08/07/2020 ESMA70-708036281-2 Q&As- Central Securities Depositories Regulation , Q&A PDF
446.04 KB
29/03/2021 ESMA35-43-349 Q&As on MiFID II and MiFIR investor protection topics , Q&A PDF
883 KB
17/02/2020 ESMA33-5-87 Q&A on the Implementation of the Regulation (EU) No 462 2013 On CRA Q&A PDF
401.67 KB
31/03/2021 ESMA70-145-114 Q&A on the Benchmarks Regulation (BMR) , Q&A PDF
486.27 KB
30/03/2021 ESMA34-32-352 Q&A on the Application of the AIFMD , Q&A PDF
531.42 KB
11/04/2019 ESMA31-62-780 Q&A on Prospectus Related Topics , , , , , , Q&A PDF
957.9 KB
08/07/2020 ESMA70-1861941480-56 Q&A on MiFIR data reporting , Q&A PDF
1.03 MB
09/02/2021 ESMA70-1861941480-52 Q&A on EMIR implementation , Q&A PDF
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27/05/2019 ESMA71-99-1166 Press release: ESMA registers Inbonis SA as credit rating agency Press Release PDF
75.61 KB
18/03/2019 ESMA71-99-1127 Press release: ESMA registers Beyond Ratings SAS as credit rating agence Press Release PDF
75.72 KB
15/07/2019 ESMA71-99-1181 Press release: ESMA fines Regis-TR S.A. €56,000 for data access failures , Press Release PDF
115.68 KB
12/12/2019 ESMA71-99-1263 Press release: ESMA calls for strengthened supervision on suspicious transaction reporting , Press Release PDF
100.61 KB
27/07/2018 ESMA71-99-1023 Press release- Nordic Credit Rating AS registered as CRA Press Release PDF
214.63 KB
13/08/2018 ESMA71-99-1024 Press release- Moody's Nordics CRA registration Press Release PDF
224.93 KB
16/12/2014 2014/1525 Press Release- Improvements needed in CRAs surveillance of structured finance credit ratings , Press Release PDF
88.76 KB
The European Securities and Markets Authority (ESMA) has published a report on the findings of its investigation into the way credit rating agencies (CRA) conduct surveillance of their structured finance credit ratings. The investigation, which took place between October 2013 and September 2014, was prompted by the continued relevance of structured finance products and the high outstanding volume in issuance. It focused on the four largest CRAs providing credit ratings on these finance instruments in the EU – DBRS Ratings, Fitch Ratings, Moody’s Investors Services and Standard & Poor’s – which account for almost 100% of the total outstanding credit ratings on EU structured finance instruments. In its investigation ESMA identified a number of shortcomings in several areas affecting the surveillance of structured finance ratings for the CRAs investigated. ESMA also identified weaknesses on the level of disclosure and transparency which could be detrimental to investor protection. ESMA has not determined whether any of the Report’s findings constitute a breach of the CRA Regulation, and may take action as appropriate in due course.Steven Maijoor, ESMA Chair, said: “ESMA’s investigation has found shortcomings in CRAs’ processes for the surveillance of structured finance credit ratings which could affect the quality of the ratings. These concerns centred on information quality controls, the application of CRAs’ methodologies and the related disclosure as well as the timely completion of the credit ratings annual review.  Issues were also identified in relation to the role and independence of the internal review function. “The high volume of issued structured finance instruments and renewed interest in securitisation as an alternative funding source make the results of this review all the more timely. “All registered CRAs should take note of the problems identified and ensure that they properly incorporate the requirements and objectives of the CRA Regulation into their working practices in order to ensure the quality of credit ratings and maintain investor confidence. The good practices identified in the Report can help with that improvement.”   ESMA has requested that CRAs put in place the remedial action plans to solve the individual concerns identified. ESMA will follow up with each of the CRAs subject to this investigation. Likewise, ESMA will monitor all other registered CRAs as part of its on-going supervision.

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