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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
20/04/2022 ESMA80-187-945 Verena Ross' speech at ECMI/CEPS Webinar, 20 April 2022 , , Speech PDF
178.1 KB

Verena Ross' speech at ECMI/CEPS Webinar, 20 April 2022: "ESMA – driving forward high-quality supervision and transparency in a single EU capital market"

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
02/12/2022 ESMA22-106-4323 SMSG Advice to the Call for evidence on the implementation of SRD2 provisions on proxy advisors and the investment chain , SMSG Advice PDF
260.77 KB
18/02/2016 2015/SMSG/036 SMSG Advice on ESEF , SMSG Advice PDF
109.63 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
09/11/2020 ESMA31-67-127 Question and answers on Transparency Directive (TD) , , , , Q&A PDF
352.79 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
11/04/2019 ESMA31-62-780 Q&A on Prospectus Related Topics , , , , , , Q&A PDF
957.9 KB
30/03/2021 ESMA41-356-168 Public Notices Moodys UK DE ES FR IT , Decision PDF
277.29 KB
29/06/2015 2015/1048 Public Notice- ESMA fines DBRS Ratings Limited Decision PDF
186.47 KB
28/03/2019 ESMA41-356-22 Public notice Fitch Group Decision PDF
227.33 KB
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
19/06/2019 ESMA74-362-27 Keynote by ESMA Chair at Eurofiling – European Central Bank conference Speech PDF
250.93 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
20/12/2012 2012/841 Guidelines and recommendations on the scope of the CRA Regulation Consultation Paper PDF
255.36 KB
27/09/2018 ESMA71-319-83 Financing Growth in the EU- speech by Verena Ross at the EBS , Speech PDF
181.48 KB

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