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MiFID II: Transparency Calculations and DVC X Market Abuse X Risk Analysis & Economics - Markets Infrastructure Investors X Guidelines and Technical standards X Credit Rating Agencies X Technical Advice X Technical Standards X Letter X
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24/06/2014 2014/685 Draft Regulatory Technical Standards under the CRA3 Regulation Technical Standards PDF
2.39 MB
The European Securities and Markets Authority (ESMA) has published its Final Report on draft Regulatory Technical Standards (RTS) required under the Credit Rating Agencies (CRA3) Regulation regarding information on transparency of structured finance instruments, the European Rating Platform and periodic reporting of fees charged by credit rating agencies. The draft RTS, which complement the existing regulatory framework for credit rating agencies (CRAs), cover: • disclosure requirements on structured finance instruments (SFIs); • the European Rating Platform (ERP); and • the periodic reporting on fees charged by CRAs.
14/05/2019 FISMA.C.3/IK/TL/Ares(2019)2120576 EC Art 38 MAR mandate , Letter PDF
187.62 KB
13/04/2021 ESMA80-195-858 ESMA response to ESRB letter on procyclicality of credit ratings Letter PDF
180.39 KB
15/02/2022 ESMA24-436-1152 ESMA response to the Commission consultation on the Listings Act , , Letter PDF
99.52 KB
03/02/2015 2015/224 ESMA’s technical advice on possible delegated acts concerning the Market Abuse Regulation Technical Advice PDF
1021.03 KB
This advice:•    specifies the MAR market manipulation indicators, by providing examples of practices that may constitute market manipulation as well as proposing “additional” indicators of market manipulation; •    recommends to set the minimum thresholds that exempt certain market participants in the emission allowance market from publicly disclosing inside information at six million tonnes of CO2eq per year and at 2,430 MW rated thermal input;•    suggests the way to determine to which regulator delays in disclosure of inside information needs to be notified.  •    provides clarifications on the enhanced disclosure of managers’ transactions. - ESMA recommends disclosing  any acquisition, disposal, subscription or exchange of financial instruments of the relevant issuer or related financial instruments carried out by managers,, further illustrated through a non-exhaustive list of types of transactions subject to this obligation.  . ESMA also clarifies the transactions that can be allowed by the issuer during a closed period when normally managers are prohibited to trade; and•    proposes procedures and arrangements to ensure sound whistleblowing infrastructures – i.e. EU national regulators should allow the receipt of reports of infringements, including appropriate communication channels and guarantee the protection of reporting and reported persons, with respect to their identity and their personal data. Next steps ESMA has sent its technical advice to the European Commission for its consideration in drafting its implementing standards regarding MAR. ESMA’s regulatory technical standards regarding MAR will be delivered in July 2015.
17/05/2011 2011/144 Final advice- ESMA´s Technical Advice to the Commission on Fees for CRAs Technical Advice PDF
1.72 MB
28/09/2015 2015-ESMA-1455 Final Report MAR TS Technical Standards PDF
1.77 MB
22/12/2011 2011/462 Final Report- Draft RTS on the assessment of compliance of credit rating methodologies with CRA Regulation Technical Standards PDF
445.83 KB
22/12/2011 2011/464 Final report- Draft RTS on the content and format of ratings data periodic reporting to be requested from credit ratings agencies for the purpose of on-going supervision by ESMA Technical Standards PDF
485.78 KB
22/12/2011 2011/463 Final report- Regulatory technical standards on the information for registration and certification of credit rating agencies Technical Standards PDF
444.79 KB
22/12/2011 2011/461 Final report- Regulatory Technical Standards on the presentation of the information that credit rating agencies shall disclose in accordance with Article 11(2) and point 1 of Part II of Section E of Annex I to Regulation (EC) No 1060/2009 Technical Standards PDF
555.25 KB
30/06/2022 ESMA22-106-4013 Letter from ESMA Chair to EC- Prioritisation of 2022 ESMA deliverables , , , , , Letter PDF
136.79 KB
24/06/2014 2014/686 Letter to Commissioner Barnier re draft Regulatory Technical Standards under the CRA3 Regulation Letter PDF
25.37 KB
11/01/2013 EBA/BS/2013/001 Letter to EBF on Euribor Letter PDF
101.15 KB
30/01/2017 ESMA70-708036281-19 Letter to European Commission- EMIR Review and Sanctioning Powers , Letter PDF
265.24 KB
26/07/2016 2016/1164 Letter to the Commissioner Dombrovskis on MAR ITS , Letter PDF
205.33 KB
03/03/2021 ESMA32-51-818 Letter to the EC on next steps following Wirecard , , , Letter PDF
277.21 KB
14/03/2013 ESA/2013/007 Possible Framework for the Regulation of the Production and Use of Indices Serving as Benchmarks in Financial and other Contracts , Letter PDF
91.91 KB
17/09/2014 2014/850rev Technical Advice in accordance with Article 39(b) 2 of the CRA Regulation Technical Advice PDF
370.42 KB
This document has been revised to reflect an amended figure in Table 1 and two re-classifications of solicitation status in Table 2. Article 39b(2) of the CRA Regulation states that the European Commission shall adopt a report by end 2014 – after receiving ESMA’s technical advice – on the appropriateness of the development of a European creditworthiness assessment for sovereign debt. In its request for advice, the Commission asked ESMA to provide input on the issue of sovereign ratings and rating processes including an overview of the market for sovereign ratings, information on operational issues regarding sovereign ratings, information on sovereign rating processes as well as lessons drawn from ESMA’s supervisory experience. Contents For the purposes of this advice, ESMA provides its views based on the quantitative information contained in the CEREP public database and on information publicly disclosed by credit rating agencies registered with ESMA. Additionally, ESMA’s advice has been informed by its first supervisory activities regarding the rating process for sovereign ratings of CRAs which are active in the EU sovereign rating market. In accordance with the CRA Regulation, these supervisory activities did not address the content of the sovereign methodologies themselves but rather were concerned with the independence, transparency and governance of the sovereign rating process. Sovereign credit ratings play a crucial role from a credit market and financial stability perspective, not least because sovereign governments account for the largest group of borrowers in capital markets in terms of volume. In addition the crucial importance of these sovereign ratings can be amplified by the “cascade” effect sovereign ratings have on other asset classes via their presence as factors in other asset methodologies. In the EU the sovereign rating market is composed of nine CRAs established in nine different EU member states. These nine CRAs exhibit a high level of variation with respect to the type and number of sovereign ratings they assign. Sovereign credit ratings themselves can also be differentiated in various ways depending on such factors as local/foreign currency, duration of issuance, whether the rating applies to a specific issuer or issuance and if it is solicited or unsolicited. In addition ESMA would like to emphasise the following points which it believes to be important when considering the appropriateness of the development of a European creditworthiness assessment of sovereign debt.
02/10/2015 2015/1472 Technical Advice on Competition, Choice and Conflicts of Interest in the CRA industry Technical Advice PDF
2.48 MB