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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
21/07/2020 ESMA32-61-417 Public Statement on supervisory action on accounting for COVID-19 lease modifications , Statement PDF
120.44 KB
30/03/2020 ESMA33-5-829 Call for evidence on access and use of ratings Consultation Paper PDF
307.88 KB
05/12/2019 ESMA33-9-355 Guidelines on Internal Controls for CRAs Consultation Paper PDF
523.56 KB
22/10/2019 ESMA32-63-791 European common enforcement priorities for 2019 annual financial reports , Statement PDF
482.56 KB
15/07/2019 ESMA32-63-743 Considerations on recognition of deferred tax assets arising from the carry-forward of unused tax losses Statement PDF
169.19 KB
28/03/2019 ESMA90-1-83 Brexit Update March 2019 , , , , , Statement PDF
121.13 KB
15/03/2019 ESMA33-5-735 ESMA statement on the endorsement of UK credit ratings in case of a no-deal Brexit , Statement PDF
122.54 KB
19/12/2018 ESMA 33-9-290 Consulation Paper on Disclosure Requirements Applicable to Credit Ratings Consultation Paper PDF
519.77 KB
09/11/2018 ESMA80-187-149 Public statement- Contingency plans of Credit Rating Agencies and Trade Repositories in the context of the United Kingdom withdrawing from the European Union , , Statement PDF
137.78 KB
26/10/2018 ESMA32-63-503 European common enforcement priorities for 2018 annual financial reports , Statement PDF
489.61 KB
19/07/2018 ESMA 33-9-252 Consulation Paper on Revised Guidelines on Periodic Reporting by CRAs Consultation Paper PDF
1.87 MB
27/03/2018 ESMA33-9-235 Consultation paper- Draft Guidelines on “as stringent as” notion in the CRA Regulation Consultation Paper PDF
964.56 KB
13/11/2017 ESMA71-99-650 Kroll Bond Rating Agency Europe Limited Registration , Statement PDF
164.33 KB
27/10/2017 ESMA32-63-340 Public Statement on European common enforcement priorities for 2017 IFRS financial statements , Statement PDF
287.62 KB
03/05/2017 ESMA33-9-174 Opening Statement for ECON Scrutiny Hearing on CRA Regulation Statement PDF
154.31 KB
04/04/2017 33-5-94 Response Form CRA Endorsement Guidelines Consultation Paper DOCX
756.11 KB
04/04/2017 33-9-149 Update of the guidelines on the application of the endorsement regime under Article 4(3) of the Credit Rating Agencies Regulation Consultation Paper PDF
1.08 MB

Endorsement is one of two regimes provided in the CRA Regulation that allow credit ratings issued in a third country to be used for regulatory purposes in the EU – the other being equivalence/certification. Article 21(3) of the CRA Regulation requires ESMA to issue and update guidelines on the application of the endorsement regime specified under Article 4(3) of the same Regulation. This Consultation Paper proposes to update the previously issued 2011 Guidelines on Endorsement.
The proposed update of the 2011 Guidelines on Endorsement is mainly driven by the need to reflect the changes to Articles 6-12 and Annex I introduced by CRA 3, which will enter into force for the purposes of equivalence and endorsement on 1 June 2018. On that basis, ESMA has to update the Methodological Framework on which ESMA relies for assessing a third-country legal and supervisory framework for the purposes of endorsement and equivalence. This Methodological Framework is provided in Annex II of the 2011 Guidelines on Endorsement. By 1 June 2018, ESMA should also have completed a reassessment of all the previously assessed third-country legal and regulatory frameworks against the new requirements based on the updated Methodological Framework (provided in Annex III).


ESMA has taken this opportunity to reassess its approach to endorsement more broadly, based on the supervisory experience acquired since the adoption of the 2011 Guidelines on Endorsement. The proposed changes and clarification of the 2011 Guidelines on Endorsement focus in particular on ESMA’s understanding of points (b), (c), (d), and (e) of Article 4(3) of the CRA Regulation.
Furthermore, some parts of the 2011 Guidelines on Endorsement relate to the establishment of ESMA, the initial registration of CRAs and various transitional arrangements. The proposed updated Guidelines on Endorsement do not include these parts, as they are no longer relevant. Finally, some information in the 2011 Guidelines on Endorsement was not addressed to market participants but referred to ESMA’s internal processes. This information has also been excluded from the proposed updated guidelines on Endorsement, but is, for context, summarised in Section 4 of this Consultation Paper.
 

10/11/2016 2016-1563 Issues for consideration in implementing IFRS 9: Financial Instruments , , Statement PDF
256.22 KB
28/10/2016 ESMA/2016/1528 European common enforcement priorities for 2016 financial statements , , Statement PDF
317.18 KB
21/07/2016 2016/1159 Public notice- Infrigement by Fitch , Statement PDF
324.96 KB

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