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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
18/12/2014 2014/1560 Advice- Investment-based crowdfunding Innovation and Products Final Report PDF
482.2 KB		 Crowdfunding is a means of raising finance for projects from ‘the crowd’ often by means of an internet-based platform through which project owners ‘pitch’ their idea to potential backers, who are typically not professional investors.  It takes many forms, not all of which involve the potential for a financial return.  ESMA’s focus is on crowdfunding which involves investment, as distinct from donation, non-monetary reward or loan agreement.Crowdfunding is relatively young and business models are evolving. EU financial services rules were not designed with the industry in mind.  Within investment-based crowdfunding a range of different operational structures are used so it is not straightforward to map crowdfunding platforms’ activities to those regulated under EU legislation. Member States and NCAs have been working out how to treat crowdfunding, with some dealing with issues case-by-case, some seeking to clarify how crowdfunding fits into existing rules and others introducing specific requirements.To assist NCAs and market participants, and to promote regulatory and supervisory convergence, ESMA has assessed typical investment-based crowdfunding business models and how they could evolve, risks typically involved for project owners, investors and the platforms themselves and the likely components of an appropriate regulatory regime. ESMA then prepared a detailed analysis of how the typical business models map across to the existing EU legislation, set out in sections 1 to 6 of this document.
15/07/2019 esma41-139-1231 Amended decision Handelsbanken Credit Rating Agencies Decision PDF
244.4 KB
15/07/2019 esma41-139-1224 Amended_decision_nordea Credit Rating Agencies Decision PDF
236.05 KB
15/07/2019 esma41-139-1229 Amended_decision_seb Credit Rating Agencies Decision PDF
239.8 KB
15/07/2019 esma41-139-1230 Amended_decision_swedbank Credit Rating Agencies Decision PDF
243.03 KB
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. 
21/07/2016 2016/1131 BoS Decision on Fitch Ratings Limited 21 July 2016 Credit Rating Agencies, Press Releases Decision PDF
108.21 KB
23/07/2018 ESMA41-137-1153 BoS decision- CRA 2-2017- SEB Credit Rating Agencies Decision PDF
706.81 KB
23/07/2018 ESMA41-137-1145 BoS decision-CRA 2-2017- Danske Credit Rating Agencies Decision PDF
635.85 KB
23/07/2018 ESMA41-137-1150 BoS decision-CRA 2-2017- Nordea Credit Rating Agencies Decision PDF
714.78 KB
23/07/2018 ESMA41-137-1147 BoS decision-CRA 2-2017- Svenska Handelsbanken AB Credit Rating Agencies Decision PDF
690.73 KB
23/07/2018 ESMA41-137-1152 BoS decision-CRA 2-2017- Swedbank Credit Rating Agencies Decision PDF
715.12 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.
30/03/2021 ESMA41-356-114 Decision 1-2021 Moody's UK Board of Supervisors, Credit Rating Agencies Decision PDF
728.73 KB
30/03/2021 ESMA41-356-129 Decision 2-2021 Moody's France Board of Supervisors, Credit Rating Agencies Decision PDF
352.97 KB
esma71-99-1622_cra_enforcement_case_moodys_march_2021.pdf
esma41-356-168_public_notices_moodys_uk_de_es_fr_it.pdf
30/03/2021 ESMA41-356-130 Decision 3-2021 Moody's Germany Board of Supervisors, Credit Rating Agencies Decision PDF
333.78 KB
esma71-99-1622_cra_enforcement_case_moodys_march_2021.pdf
esma41-356-168_public_notices_moodys_uk_de_es_fr_it.pdf
30/03/2021 ESMA41-356-131 Decision 4-2021 Moody's Italy Board of Supervisors, Credit Rating Agencies Decision PDF
350.91 KB
esma71-99-1622_cra_enforcement_case_moodys_march_2021.pdf
esma41-356-168_public_notices_moodys_uk_de_es_fr_it.pdf
30/03/2021 ESMA41-356-132 Decision 5-2021 Moody's Spain Board of Supervisors, Credit Rating Agencies Decision PDF
332.83 KB
esma71-99-1622_cra_enforcement_case_moodys_march_2021.pdf
esma41-356-168_public_notices_moodys_uk_de_es_fr_it.pdf
28/03/2019 ESMA-41-356-11 Decision Fitch UK Credit Rating Agencies Decision PDF
697.42 KB

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