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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
23/12/2014 JC/DP/2014/01 Discussion Paper- The Use of Credit Ratings by Financial Intermediaries Article 5(a) of the CRA Regulation Credit Rating Agencies, Joint Committee Consultation Paper PDF
538.9 KB
04/12/2019 ESMA70-21038340-46 Compliance table for the Guidelines on market making activities under the Short Selling Regulation Guidelines and Technical standards, Market Integrity, Short Selling Compliance table PDF
267.48 KB
24/09/2021 ESMA70-156-3914 Consultation Paper on the review of certain aspects of the Short Selling Regulation Short Selling Consultation Paper PDF
1.19 MB
07/07/2017 ESMA70-145-127 Consultation paper on the evaluation of the short-selling regulation Market Integrity, Short Selling Consultation Paper PDF
1.46 MB
05/12/2019 ESMA33-9-355 Guidelines on Internal Controls for CRAs Credit Rating Agencies Consultation Paper PDF
523.56 KB
27/03/2018 ESMA33-9-235 Consultation paper- Draft Guidelines on “as stringent as” notion in the CRA Regulation Credit Rating Agencies Consultation Paper PDF
964.56 KB
30/03/2020 ESMA33-5-829 Call for evidence on access and use of ratings Credit Rating Agencies Consultation Paper PDF
307.88 KB
13/07/2018 ESMA31-62-996 Consultation Paper on Guidelines on Risk Factors Corporate Finance Consultation Paper PDF
833.24 KB
13/07/2018 ESMA31-62-962 Consultation Paper on minimum information content for prospectus exemption Corporate Finance Consultation Paper PDF
1.6 MB
28/01/2022 ESMA 80-416-228 Consultation Paper on Revision to Guidelines and Recommendations on Scope of the CRA Regulation Credit Rating Agencies Consultation Paper PDF
481.87 KB
29/01/2021 ESMA 80-196-5019 Consultation Paper on Fees Charged to CRAs by ESMA Credit Rating Agencies Consultation Paper PDF
345.85 KB
26/05/2021 ESMA 33-9-413 Guidelines on Disclosure Requirements for Initial Reviews and Preliminary Ratings Credit Rating Agencies Consultation Paper PDF
392.05 KB
19/12/2018 ESMA 33-9-290 Consulation Paper on Disclosure Requirements Applicable to Credit Ratings Credit Rating Agencies Consultation Paper PDF
519.77 KB
19/07/2018 ESMA 33-9-252 Consulation Paper on Revised Guidelines on Periodic Reporting by CRAs Credit Rating Agencies Consultation Paper PDF
1.87 MB
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 Credit Rating Agencies 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.
 
04/04/2017 33-5-94 Response Form CRA Endorsement Guidelines Credit Rating Agencies Consultation Paper DOCX
756.11 KB
25/01/2016 2016/96 Slides from ESMA’s Open Hearing on validation and review of CRAs’ methodologies Credit Rating Agencies Consultation Paper PDF
253.19 KB
13/07/2016 2016/1121 Consultation Paper on the Guidelines on the validation and review of Credit Rating Agencies’ methodologies Credit Rating Agencies Consultation Paper PDF
536.1 KB
08/06/2015 2015/920 Impact of the Best Practice Principles for Providers of Shareholder Voting Research and Analysis Corporate Disclosure, Corporate Governance Consultation Paper PDF
337.08 KB		 Responding to this Call for Evidence ESMA invites comments on all matters in this paper and in particular on the specific questions presented throughout the paper. Comments are most helpful, if they:a.    respond to the question stated;b.    indicate the specific question to which they relate; andc.    contain a clear rationale.  ESMA will consider all comments received by 27 July 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’. Publication of responses All contributions received will be published following the close of the Call for Evidence, unless you request otherwise.  Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you, if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.Data protection Information on data protection can be found at www.esma.europa.eu under the heading Legal Notice.Who should read this Call for Evidence This Call for Evidence will be of relevance to persons and entities participating in the voting chain, particularly proxy advisors, investors, companies listed in Europe, proxy solicitors and consultants.
20/03/2015 2015/558 Call for evidence on private and bilateral SFIs Credit Rating Agencies Consultation Paper PDF
118.4 KB		 This call for evidence should be read by all those involved in the EU securitisation markets. It is particularly targeted at the following market participants and the groups and trade associations who represent them: •    Issuers, originators and sponsors of Structured Finance Instruments (SFIs);•    Investors acting in the securitisation markets;•    Market intermediaries other than the issuers, originators and sponsors of SFIs.Responses are most helpful to ESMA when they clearly indicate which question is being answered and provide evidence in support of the response, such as concrete examples of practices experienced, data or costs estimates. Should respondents feel that the distinction provided for by the two proposed categories (issuers vs. investors) is not suitable to their particular situation, ESMA welcomes these contributions in alternative format. ESMA will consider all responses that have been received by 20 May 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’.

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