ESMA LIBRARY
The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
31
REFINE YOUR SEARCH
Sections
- (-) Remove Credit Rating Agencies filter Credit Rating Agencies
- (-) Remove Press Releases filter Press Releases
- CESR Archive (305) Apply CESR Archive filter
- Speeches (140) Apply Speeches filter
- Post Trading (74) Apply Post Trading filter
- Risk Analysis & Economics - Markets Infrastructure Investors (70) Apply Risk Analysis & Economics - Markets Infrastructure Investors filter
- Fund Management (45) Apply Fund Management filter
- Supervisory convergence (42) Apply Supervisory convergence filter
- Corporate Disclosure (38) Apply Corporate Disclosure filter
- IFRS Supervisory Convergence (34) Apply IFRS Supervisory Convergence filter
- MiFID - Secondary Markets (34) Apply MiFID - Secondary Markets filter
- Joint Committee (33) Apply Joint Committee filter
- MiFID - Investor Protection (31) Apply MiFID - Investor Protection filter
- Innovation and Products (24) Apply Innovation and Products filter
- Market Abuse (22) Apply Market Abuse filter
- Prospectus (21) Apply Prospectus filter
- Corporate Information (18) Apply Corporate Information filter
- Benchmarks (14) Apply Benchmarks filter
- Market Integrity (14) Apply Market Integrity filter
- Guidelines and Technical standards (10) Apply Guidelines and Technical standards filter
- Securities and Markets Stakeholder Group (9) Apply Securities and Markets Stakeholder Group filter
- Board of Supervisors (8) Apply Board of Supervisors filter
- Securitisation (8) Apply Securitisation filter
- Planning reporting budget (7) Apply Planning reporting budget filter
- COVID-19 (6) Apply COVID-19 filter
- Sustainable finance (6) Apply Sustainable finance filter
- Brexit (5) Apply Brexit filter
- Corporate Finance (5) Apply Corporate Finance filter
- European Single Electronic Format (5) Apply European Single Electronic Format filter
- Short Selling (5) Apply Short Selling filter
- Trade Repositories (5) Apply Trade Repositories filter
- CCP Directorate (4) Apply CCP Directorate filter
- IAS Regulation (3) Apply IAS Regulation filter
- Securities Financing Transactions (3) Apply Securities Financing Transactions filter
- Transparency (3) Apply Transparency filter
- Corporate Governance (2) Apply Corporate Governance filter
- International cooperation (2) Apply International cooperation filter
- Trading (2) Apply Trading filter
- Audit (1) Apply Audit filter
- Management Board (1) Apply Management Board filter
- MiFID II: Transparency Calculations and DVC (1) Apply MiFID II: Transparency Calculations and DVC filter
Type of document
- (-) Remove Final Report filter Final Report
- (-) Remove Report filter Report
- (-) Remove Speech filter Speech
- Press Release (316) Apply Press Release filter
- Guidelines & Recommendations (38) Apply Guidelines & Recommendations filter
- Reference (37) Apply Reference filter
- Statement (31) Apply Statement filter
- Consultation Paper (26) Apply Consultation Paper filter
- Decision (17) Apply Decision filter
- Technical Advice (10) Apply Technical Advice filter
- Annual Report (6) Apply Annual Report filter
- Technical Standards (5) Apply Technical Standards filter
- Letter (2) Apply Letter filter
- Opinion (1) Apply Opinion filter
- Q&A (1) Apply Q&A filter
Your filters Reset all filters
| Date | Ref. | Title | Section | Type | Download | Info | Summary | Related Documents | Translated versions |
|---|---|---|---|---|---|---|---|---|---|
| 16/12/2016 | 2016/1662 | 2016-1662 Competition & Choice in the Credit Rating Industry | Credit Rating Agencies | Report | PDF 1.22 MB |
||||
| 12/01/2012 | 2012/3 | Annual report on the application of the Regulation on credit rating agencies as provided by Article 21(5) and Article 39a of the Regulation (EU) No 1060/2009 as amended by Regulation No 1095/2010 | Credit Rating Agencies | Final Report | PDF 141.98 KB |
This is the first report under the new CRA regulation, however, please note that CESR published a report about the application of the Regulation in the EU and, in particular, on the implementation of the requirements established in Annex I of the Regulation on 6 December 2010 (CESR/10-1424), according to Article 21(4) of the Regulation which was subsequently amended by Regulation No (EC) 513/2011. At the time of publication, 16 CRA's have been registered. | |||
| 18/03/2013 | 2013/308 | Annual report on the application of the Regulation on credit rating agencies- 2012 | Credit Rating Agencies | Final Report | PDF 601.08 KB |
This is the second annual report on the application of the Credit Rating Agencies Regulation. | |||
| 20/12/2017 | ESMA33-5-209 | CRA Market Share Calculation 2017 | Credit Rating Agencies | Report | PDF 1012.23 KB |
||||
| 10/01/2020 | ESMA33-9-340 | CRA Market Share Calculation 2019 | Credit Rating Agencies | Report | PDF 446.77 KB |
||||
| 21/02/2014 | 2014/151 | Credit Rating Agencies Annual Report 2013 | Credit Rating Agencies | Final Report | PDF 507.61 KB |
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. | |||
| 18/12/2015 | 2015/1879 | ESMA CRA Market Share Calculation | Credit Rating Agencies | Final Report | PDF 586.38 KB |
||||
| 16/12/2014 | 2014/1524 | ESMA’s investigation into structured finance ratings | Credit Rating Agencies | Final Report | PDF 436.29 KB |
The European Securities and Markets Authorities (ESMA) has published this report to inform of the outcome and findings of its general investigation in the way credit rating agencies (CRAs) conduct surveillance of structured finance credit ratings, as indicated in ESMA’s Credit Rating Agencies Annual Report 2013. The investigation took place between October 2013 and September 2014 and involved the four largest CRAs providing credit ratings on structured finance instruments in the EU, namely DBRS Ratings (DBRS), Fitch Ratings (Fitch), Moody’s Investors Service (MIS) and Standard & Poor’s (S&P). | |||
| 22/03/2012 | 2012/207 | ESMA’s Report on the Supervision of Credit Rating Agencies | Credit Rating Agencies | Final Report | PDF 323.81 KB |
This report provides an overview of ESMA’s supervisory activity on Credit Rating Agencies (CRAs) registered in the European Union and summarises the results of ESMA’s first examination of the three groups of registered CRAs (Fitch Ratings, Moody's Investors Services, and Standard & Poor's Rating Services). The examination referred to in this document is the first step in an ongoing supervisory process conducted by ESMA and therefore does not represent a full scope investigation. The observations set forth in this Report refer to common issues affecting CRAs activities. As of the date of this document, ESMA has not determined whether any observation highlighted below constitutes a breach of the provisions of the Regulation. ESMA is still progressing in its assessment of the areas discussed in this Report. This Report is not based on a decision by ESMA’s Board of Supervisors; therefore it is published without prejudice to the possibility of further investigations which could lead to enforcement or supervisory actions. | |||
| 05/02/2016 | 2016/234 | ESMA’s supervision of credit rating agencies and trade repositories- 2015 annual report and 2016 work plan. | Credit Rating Agencies, Trade Repositories | Report | PDF 2.08 MB |
The European Securities and Markets Authority’s (ESMA) annual report and work programme has been prepared according to Article 21 of Regulation 1060/2009 on credit rating agencies as amended (the CRA Regulation) and Article 85 of Regulation 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR). It highlights the direct supervisory activities carried out by ESMA during 2015 regarding credit rating agencies (CRAs) and trade repositories (TRs) and outlines ESMA’s main priorities in these areas for 2016. ESMA adopts a risk-based approach to the supervision of CRAs and TRs in accordance with its overall objectives of promoting financial stability and orderly markets and enhancing investor protection. This risk-based approach requires the analysis of information from a variety of sources and the application of multiple supervisory tools including day-to-day supervision, cycle of engagement meetings with supervised entities, on-site inspections and dedicated investigations. In order to build on the expertise that ESMA has developed through its supervision of CRAs and TRs, ESMA created a single Supervision Department in November 2015. ESMA intends to draw on the best practices identified from the supervision of both types of entity to further enhance its supervisory effectiveness in future. |
|||
| 13/05/2020 | ESMA80-189-6982 | EU CLO credit ratings – an overview of Credit Rating Agencies practices and challenges | COVID-19, Credit Rating Agencies | Final Report | PDF 436.43 KB |
||||
| 30/09/2020 | ESMA 33-9-371 | Final Report Guidelines Internal Control for CRAs | Credit Rating Agencies | Report | PDF 430.48 KB |
||||
| 18/07/2019 | ESMA33-9-320 | Final Report Guidelines on Disclosure Requirements Applicable to Credit Rating Agencies | Credit Rating Agencies | Final Report | PDF 336.63 KB |
||||
| 05/02/2019 | ESMA 33-9-295 | Final Report Guidelines on the Submission of Periodic Information to ESMA by Credit Rating Agencies | Credit Rating Agencies | Final Report | PDF 769.91 KB |
||||
| 15/11/2016 | 2016-1575 | Final Report on Guidelines on the validation and review of Credit Rating Agencies’ methodologies | Credit Rating Agencies | Final Report | PDF 655.85 KB |
||||
| 18/07/2018 | ESMA33-9-246 | Final report on Supplementary Guidelines on Endorsement | Credit Rating Agencies | Final Report | PDF 948.62 KB |
||||
| 31/03/2020 | ESMA43-370-103 | Final report on TA on EMIR 2.2 CCP fines | CCP Directorate, Credit Rating Agencies, Post Trading, Trade Repositories | Final Report | PDF 478.11 KB |
||||
| 17/11/2017 | ESMA33-9-205 | Final Report on the application of the CRA endorsement regime | Credit Rating Agencies | Final Report | PDF 1.02 MB |
||||
| 14/11/2016 | 2016/1565 | Final Report on the clearing obligation for financial counterparties with a limited volume of activity | Post Trading, Press Releases | Final Report | PDF 478.72 KB |
||||
| 20/12/2019 | ESMA80-196-3218 | Follow-up Report on fees charged by CRAs and TRs | Credit Rating Agencies, Supervisory convergence, Trade Repositories | Report | PDF 606.45 KB |