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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.
 

12/02/2020 ESMA32-67-642 Sustainable financial markets: translating changing risks and investor preferences into regulatory action- Speech by Steven Maijoor, European Financial Forum, Dublin , , Speech PDF
156.74 KB
08/12/2020 ESMA32-67-765 Speech Steven Maijoor- The three paradoxes of sustainability reporting and how to address them , , , Speech PDF
123.06 KB
25/01/2016 2016/96 Slides from ESMA’s Open Hearing on validation and review of CRAs’ methodologies Consultation Paper PDF
253.19 KB
04/04/2017 33-5-94 Response Form CRA Endorsement Guidelines Consultation Paper DOCX
756.11 KB
30/09/2021 ESMA74-362-893 QAs on SFTR data reporting , , Q&A PDF
356.79 KB
29/07/2021 ESMA33-5-87 Q&A on the Implementation of the Regulation (EU) No 462 2013 On CRA Q&A PDF
409.83 KB
19/11/2021 ESMA70-1861941480-52 Q&A on EMIR implementation , Q&A PDF
1.37 MB
06/11/2020 ESMA71-99-1432 Opening Statement Verena Ross ECMI 6 November 2020 , Speech PDF
99.36 KB
14/10/2021 ESMA24-436-13 Opening Statement ECON Hearing 14 October 2021 , , , , , , , , , Speech PDF
690.55 KB
23/04/2020 JC 2020 16 Joint ESA consultation on ESG disclosures , Consultation Paper PDF
911.13 KB
05/12/2019 ESMA33-9-355 Guidelines on Internal Controls for CRAs Consultation Paper PDF
523.56 KB
26/05/2021 ESMA 33-9-413 Guidelines on Disclosure Requirements for Initial Reviews and Preliminary Ratings Consultation Paper PDF
392.05 KB
09/07/2020 ESMA74-362-608 Guidelines on calculation of positions in SFTs by Trade Repositories , Consultation Paper PDF
799.81 KB
20/12/2012 2012/841 Guidelines and recommendations on the scope of the CRA Regulation Consultation Paper PDF
255.36 KB
25/11/2021 ESMA34-38-278 ESMA ED Natasha Cazenave Keynote Speech_EFAMA Investment Management Forum 2021 , , , Speech PDF
159.98 KB
19/11/2021 ESMA32-67-800 ESMA Chair Keynote Speech_DSW ESG Conference_19 November 2021 , Speech PDF
149.48 KB
08/10/2021 ESMA74-362-2159 ESMA as a data driven regulator and supervisor- AFME 5th Annual European Compliance and Legal Virtual Conference , , , , , , , , , Speech PDF
167.18 KB
26/07/2021 SFDR EC Q&A EC Q&A on sustainability-related disclosures , Q&A PDF
601.99 KB
23/12/2014 JC/DP/2014/01 Discussion Paper- The Use of Credit Ratings by Financial Intermediaries Article 5(a) of the CRA Regulation , Consultation Paper PDF
538.9 KB