ESMA LIBRARY
The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
29
REFINE YOUR SEARCH
Sections
- (-) Remove Credit Rating Agencies filter Credit Rating Agencies
- (-) Remove Sustainable finance filter Sustainable finance
- (-) Remove Innovation and Products filter Innovation and Products
- (-) Remove Audit filter Audit
- CESR Archive (279) Apply CESR Archive filter
- Post Trading (52) Apply Post Trading filter
- Joint Committee (32) Apply Joint Committee filter
- Risk Analysis & Economics - Markets Infrastructure Investors (32) Apply Risk Analysis & Economics - Markets Infrastructure Investors filter
- Corporate Disclosure (23) Apply Corporate Disclosure filter
- Supervisory convergence (22) Apply Supervisory convergence filter
- Fund Management (21) Apply Fund Management filter
- MiFID - Investor Protection (21) Apply MiFID - Investor Protection filter
- MiFID - Secondary Markets (19) Apply MiFID - Secondary Markets filter
- CCP Directorate (18) Apply CCP Directorate filter
- Market Abuse (16) Apply Market Abuse filter
- Prospectus (15) Apply Prospectus filter
- IFRS Supervisory Convergence (14) Apply IFRS Supervisory Convergence filter
- Guidelines and Technical standards (11) Apply Guidelines and Technical standards filter
- Market data (10) Apply Market data filter
- Benchmarks (7) Apply Benchmarks filter
- Market Integrity (7) Apply Market Integrity filter
- Securities Financing Transactions (6) Apply Securities Financing Transactions filter
- Trading (6) Apply Trading filter
- European Single Electronic Format (4) Apply European Single Electronic Format filter
- Securitisation (4) Apply Securitisation filter
- Short Selling (4) Apply Short Selling filter
- Trade Repositories (4) Apply Trade Repositories filter
- Corporate Finance (2) Apply Corporate Finance filter
- COVID-19 (2) Apply COVID-19 filter
- Press Releases (2) Apply Press Releases filter
- Board of Supervisors (1) Apply Board of Supervisors filter
- Corporate Governance (1) Apply Corporate Governance filter
- Corporate Information (1) Apply Corporate Information filter
- Crowdfunding (1) Apply Crowdfunding filter
- IAS Regulation (1) Apply IAS Regulation filter
- Transparency (1) Apply Transparency filter
Type of document
- (-) Remove Final Report filter Final Report
- Reference (91) Apply Reference filter
- Press Release (74) Apply Press Release filter
- Guidelines & Recommendations (42) Apply Guidelines & Recommendations filter
- Consultation Paper (35) Apply Consultation Paper filter
- Letter (33) Apply Letter filter
- Statement (32) Apply Statement filter
- Speech (30) Apply Speech filter
- Report (29) Apply Report filter
- Decision (23) Apply Decision filter
- Technical Advice (12) Apply Technical Advice filter
- Annual Report (6) Apply Annual Report filter
- Q&A (6) Apply Q&A filter
- Opinion (5) Apply Opinion filter
- Technical Standards (5) Apply Technical Standards filter
- SMSG Advice (3) Apply SMSG Advice filter
- Compliance table (1) Apply Compliance table filter
- Investor Warning (1) Apply Investor Warning filter
Your filters Reset all filters
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. | |||
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. | |||
21/02/2014 | 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. | |||
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 |
||||
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 |
||||
28/03/2022 | ESMA70-445-38 | Final Report on Emission allowances and associated derivatives | MiFID - Secondary Markets, Sustainable finance | Final Report | PDF 3.19 MB |
||||
18/12/2020 | ESMA50-157-2403 | Final report on Guidelines on outsourcing to cloud service providers | Innovation and Products | Final Report | PDF 384.63 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 |
||||
03/05/2019 | ESMA35-43-1737 | Final report on integrating sustainability risks and factors in the MIFID II | Audit, MiFID - Investor Protection, Sustainable finance | Final Report | PDF 371.73 KB |
||||
03/05/2019 | ESMA34-45-688 | Final report on integrating sustainability risks and factors in the UCITS Directive and the AIFMD | Fund Management, Sustainable finance | Final Report | PDF 483.4 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 |
||||
22/10/2021 | JC 2021 50 | Final report on taxonomy-related product disclosure RTS | Joint Committee, Sustainable finance | Final Report | PDF 1.62 MB |
||||
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 |
||||
31/01/2022 | ESMA80-416-20 | Final report on the Guidelines on Disclosure Requirements for Initial Reviews and Preliminary Ratings | Credit Rating Agencies | Final Report | PDF 282.39 KB |