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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
19/11/2019 ESMA71-319-154 Banking and the MiFID II review , , Speech PDF
135.75 KB
21/03/2018 ESMA71-99-964 CMU, Brexit and ESA review – What’s next? Steven Maijoor BVI Keynote , , Speech PDF
329.97 KB
26/04/2016 2016/648 ESMA response to the Commission Green Paper on retail financial services Letter PDF
197.44 KB
04/02/2020 ESMA35-43-2134 ESMA’s Technical Advice to the Commission on the effects of product intervention measures Technical Advice PDF
425.6 KB
17/05/2011 2011/144 Final advice- ESMA´s Technical Advice to the Commission on Fees for CRAs Technical Advice PDF
1.72 MB
01/10/2018 ESMA35-36-1442 IPISC UK withdrawal from the EU Letter Letter PDF
234.85 KB
17/11/2015 2015/1513 Letter SM to EC- implementation timeline MiFID MiFIR Letter PDF
85.8 KB
24/06/2014 2014/686 Letter to Commissioner Barnier re draft Regulatory Technical Standards under the CRA3 Regulation Letter PDF
25.37 KB
30/01/2017 ESMA70-708036281-19 Letter to European Commission- EMIR Review and Sanctioning Powers , Letter PDF
265.24 KB
28/01/2014 2013/1941 Letter to Jonathan Faull (EC) regarding draft technical standards , Letter PDF
44.25 KB
01/10/2018 ESMA70-156-236 Letter to the Commission on MiFID II third country regime Letter PDF
152.92 KB
27/07/2012 2012/476 Reply of ESMA to the European Commission’s Green Paper on Shadow Banking Letter PDF
175.94 KB
21/10/2020 ESMA71-99-1421 Retail investors and asset management are the pillars of a successful Capital Markets Union , , Speech PDF
170.21 KB
17/11/2016 2016/1584 Safeguarding investors is key to ensuring the capital markets Union’s success , Speech PDF
323.38 KB
05/10/2017 ESMA35-42-597 Speech by Steven Maijoor on financial education and investor protection in Europe- IOSCO World Investor Week , Speech PDF
222.15 KB
02/12/2016 2016/1640 Speech by Verena Ross, ESMA Executive Director at the 2016 Global Capital Markets Conference , Speech PDF
281.71 KB
26/05/2016 2016/739 Speech Financial News 20th Anniversary Awards for Excellence- Steven Maijoor, 26 May 2016, London , Speech PDF
168.88 KB
10/11/2015 2015/1639 Steven Maijoor at Economic and Monetary Affairs Committee, European Parliament, Scrutiny Hearing on MiFID II , Speech PDF
158.43 KB
03/04/2019 ESMA71-319-93 Steven Maijoor Keynote speech- BETTER FINANCE 10th Anniversary 2019 , , , Speech PDF
165.49 KB
17/09/2014 2014/850rev Technical Advice in accordance with Article 39(b) 2 of the CRA Regulation Technical Advice PDF
370.42 KB
This document has been revised to reflect an amended figure in Table 1 and two re-classifications of solicitation status in Table 2. Article 39b(2) of the CRA Regulation states that the European Commission shall adopt a report by end 2014 – after receiving ESMA’s technical advice – on the appropriateness of the development of a European creditworthiness assessment for sovereign debt. In its request for advice, the Commission asked ESMA to provide input on the issue of sovereign ratings and rating processes including an overview of the market for sovereign ratings, information on operational issues regarding sovereign ratings, information on sovereign rating processes as well as lessons drawn from ESMA’s supervisory experience. Contents For the purposes of this advice, ESMA provides its views based on the quantitative information contained in the CEREP public database and on information publicly disclosed by credit rating agencies registered with ESMA. Additionally, ESMA’s advice has been informed by its first supervisory activities regarding the rating process for sovereign ratings of CRAs which are active in the EU sovereign rating market. In accordance with the CRA Regulation, these supervisory activities did not address the content of the sovereign methodologies themselves but rather were concerned with the independence, transparency and governance of the sovereign rating process. Sovereign credit ratings play a crucial role from a credit market and financial stability perspective, not least because sovereign governments account for the largest group of borrowers in capital markets in terms of volume. In addition the crucial importance of these sovereign ratings can be amplified by the “cascade” effect sovereign ratings have on other asset classes via their presence as factors in other asset methodologies. In the EU the sovereign rating market is composed of nine CRAs established in nine different EU member states. These nine CRAs exhibit a high level of variation with respect to the type and number of sovereign ratings they assign. Sovereign credit ratings themselves can also be differentiated in various ways depending on such factors as local/foreign currency, duration of issuance, whether the rating applies to a specific issuer or issuance and if it is solicited or unsolicited. In addition ESMA would like to emphasise the following points which it believes to be important when considering the appropriateness of the development of a European creditworthiness assessment of sovereign debt.