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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
25/09/2000 00-064c The regulation of Alternative Trading Systems in Europe. A paper for the EU Commission Final Report PDF
84.28 KB
Alternative Trading Systems (ATS) offer electronic securities trading facilities outside the traditional trading channels. An expert group chaired by Howard Davies, Chairman of the UK FSA, has studied the impact of such systems in depth. The group has prepared a comprehensive report identifying and assessing the benefits and risks associated with the emergence of ATS and analysing the current regulatory treatment of such systems, within Europe and elsewhere. The report proposes both a short term and a long term option for a harmonised regulatory treatment of such systems in Europe.The paper was submitted to the European Commission as FESCO"s contribution to the preparation of the forthcoming Green Paper on possible amendments to the Investment Services Directive. The Green Paper will shortly be published as a basis for consultation with Member States, the financial services industry and other interested parties. However, the FESCO paper noted that, while the Green Paper on the ISD might be the catalyst for a far-reaching review of the regulatory approach to ATS, it would not provide a short-term solution. Accordingly, FESCO proposed that the short-term solution should take the form of a set of additional regulatory requirements for ATS operating as investment firms.FESCO will be working on proposals for what those additional regulatory requirements might be over the next six months, with a view to producing a consultation paper in the first half of 2001. This consultation paper will provide an opportunity for interested parties to comment in detail on the FESCO proposals. If, however, in the meantime interested parties have any specific comments on the possible additional regulatory requirements identified in paragraph 71 of the September paper, they should make these known to the Secretariat of FESCO via the following e-mail address: fdankers@europefesco.org
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.
04/06/2020 ESMA71-99-1338 Scope Ratings Enforcement Action , Press Release PDF
127.88 KB
09/02/2017 ESMA70-872942901-3 Revised ESMA draft MiFID ITS — position reporting of commodity derivatives Technical Standards PDF
184.48 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
12/07/2019 ESMA70-156-1065 Press_Release_ESMA launches consultation on cost of market data and consolidated tape , Press Release PDF
90.42 KB
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
07/03/2018 ESMA71-99-953 Press release: ESMA publishes double volume cap data , Press Release PDF
137.68 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
05/04/2017 ESMA71-99-386 Press release: ESMA clarifies market structure issues under MiFID II Press Release PDF
151.27 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.
14/12/2018 ESMA71-99-1074 Press Release- Final Report on tick size regime , Press Release PDF
148.46 KB
19/02/2019 ESMA71-99-1112 Press release- ESMA supervision to focus on data, Brexit and cybersecurity in 2019 Press Release PDF
79.6 KB
21/02/2014 2014/212 Press release- ESMA sets out CRA supervision focus for 2014 Press Release PDF
118.48 KB
ESMA sets out CRA supervision focus for 2014 The European Securities and Markets Authority (ESMA) has published its Annual Report 2013 (Report) on credit rating agencies (CRAs) in the European Union (EU). The Report also outlines ESMA’s supervisory work plan for this year. ESMA has found that CRAs continue to progress in how they comply with the CRA Regulation, including improved internal transparency and disclosure to the market on credit rating activities as well as empowerment of the compliance function. However, ESMA considers that improvements are still necessary, notably in the following areas: validation of rating methodologies, to ensure that a credit rating assessment is a comprehensive risk assessment leading to high quality ratings; internal governance, ensuring the full independence of the internal review function and thereby reducing the risk of potential conflict of interest; and robust IT systems to support the rating process, including information security controls and protection of confidential rating information. These issues form the basis for much of ESMA’s supervision activities as outlined in its 2014 work plan. This includes the completion of the two on-going supervisory reviews into CRAs’ monitoring of structured finance ratings and into small and medium-sized CRAs. A new thematic investigation on how CRAs review and validate their rating methodologies will also be launched, as well as dedicated work on CRAs’ IT systems and controls. Following the entry into force of the amended CRA Regulation in June 2013, ESMA will also complete a specific assessment on CRAs’ compliance with the new regulatory requirements. Steven Maijoor, ESMA Chair, said: “ESMA is in its third year as the EU’s CRA regulator and today’s report provides us with an assessment of the progress made to date. However, as shown by our recent work on sovereign ratings there are still issues around governance as well as independence,objectivity and quality of the rating process that need to be remedied in order to restore market confidence in CRAs and their ratings. “We will continue to proactively and intrusively supervise CRAs and work with them to address their shortcomings. This will contribute to building confidence in the transparency and smooth functioning of EU financial markets while ensuring a high level of financial consumer protection.” The 2013 Report summarises how ESMA fulfilled its role as the supervisor of CRAs in the EU. It covers ESMA’s supervisory activities, progress in dealing with registrations, and its policy work in relation to existing and new legislative requirements. In particular, the Report focuses on the results of ESMA’s supervisory work through on-going supervision as well as thematic reviews, such as that into the sovereign ratings process of a number of CRAs, the inspections of small and medium-sized CRAs and a further inspection of the ratings publication controls in a single CRA.
03/12/2018 ESMA71-99-1071 Press release- ESMA registers A.M. Best (EU) Rating Services B.V. as credit rating agency Press Release PDF
299.01 KB

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