ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
32
DOCUMENTS

REFINE YOUR SEARCH

Sections

Type of document

Your filters
Credit Rating Agencies X Securities and Markets Stakeholder Group X Corporate Information X Securitisation X Fund Management X Final Report X
Reset all filters
Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
22/08/2018 ESMA33-128-474 Final Report on Technical standards on disclosure requirements under the Securitisation Regulation Final Report PDF
3.12 MB
14/04/2011 2011/112 Final report- Guidelines to competent authorities and UCITS management companies on risk meas-urement and the calculation of global exposure for certain types of structured UCITS Final Report PDF
166.5 KB
22/03/2012 2012/207 ESMA’s Report on the Supervision of Credit Rating Agencies Final Report PDF
323.81 KB
This report provides an overview of ESMA’s supervisory activity on Credit Rating Agencies (CRAs) registered in the European Union and summarises the results of ESMA’s first examination of the three groups of registered CRAs (Fitch Ratings, Moody's Investors Services, and Standard & Poor's Rating Services). The examination referred to in this document is the first step in an ongoing supervisory process conducted by ESMA and therefore does not represent a full scope investigation. The observations set forth in this Report refer to common issues affecting CRAs activities. As of the date of this document, ESMA has not determined whether any observation highlighted below constitutes a breach of the provisions of the Regulation. ESMA is still progressing in its assessment of the areas discussed in this Report. This Report is not based on a decision by ESMA’s Board of Supervisors; therefore it is published without prejudice to the possibility of further investigations which could lead to enforcement or supervisory actions.
12/01/2012 2012/3 Annual report on the application of the Regulation on credit rating agencies as provided by Article 21(5) and Article 39a of the Regulation (EU) No 1060/2009 as amended by Regulation No 1095/2010 Final Report PDF
141.98 KB
This is the first report under the new CRA regulation, however, please note that CESR published a report about the application of the Regulation in the EU and, in particular, on the implementation of the requirements established in Annex I of the Regulation on 6 December 2010 (CESR/10-1424), according to Article 21(4) of the Regulation which was subsequently amended by Regulation No (EC) 513/2011. At the time of publication, 16 CRA's have been registered.
25/07/2012 2012/474 Report and consultation paper on guidelines on ETFs and other UCITS issues Final Report PDF
728.1 KB
This paper sets out ESMA’s guidelines on ETFs and other UCITS issues. The guidelines are adapted to the type of UCITS, management technique or financial instrument in question and are detailed in Annex III of the documentThis document also sets out in Annex IV a public consultation on the treatment of repo and reverse repo arrangements on which ESMA is seeking feedback from stakeholders. The feedback to this further consultation will be used by ESMA to finalise its position on this specific issue, which will be incorporated into the rest of the guidelines already adopted by the Authority (cf. Annex III of this document).
04/12/2012 2012/722 Guidelines on repurchase and reverse repurchase agreements Final Report PDF
339.57 KB

The European Securities and Markets Authority (ESMA) has today published its final guidelines on repurchase and reverse repurchase agreements for UCITS funds.  The guidelines state that UCITS should only enter into such agreements if they are able to recall at any time any assets or the full amount of cash.

15/11/2013 2013/1339 Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD (revised) Final Report PDF
701.63 KB
02/12/2013 2013/1775 Sovereign ratings investigation- ESMA’s assessment of governance, conflicts of interest, resourcing adequacy and confidentiality controls Final Report PDF
302.99 KB
This report summarises the findings of the European Securities and Markets Authority’s (ESMA) general investigation into sovereign credit ratings issued by Fitch Ratings, Moody’s Investors Service and Standard & Poor’s which took place between February and October 2013, as indicated in its Credit Rating Agencies (CRAs) 2013 Supervision and Policy Work Plan. In this report ESMA describes the observed deficiencies and main concerns while also identifying a number of good practices in the following areas: • the role of senior management and other non-rating functions in the rating process and the actual or potential conflicts of interest which could arise; • the actual or potential conflicts of interests generated by the involvement of sovereign analysts in research and publication activities; • confidentiality of sovereign rating information and controls in place prior to publication of ratings (including IT and access controls to confidential information); • timing of publication of sovereign ratings, including timely disclosure of rating changes; • monitoring of the adequacy and expertise of resources dedicated to sovereign ratings; • preparation of rating committees; and • definitions of roles and responsibilities among different analytical functions. ESMA’s investigation revealed shortcomings in the sovereign ratings process which could pose risks to the quality, independence and integrity of the ratings and of the rating process. As of the date of this document, ESMA has not determined whether any of the observations made in this report constitute serious indications of the possible existence of facts liable to constitute one or more infringements of the CRA Regulation.
18/03/2013 2013/308 Annual report on the application of the Regulation on credit rating agencies- 2012 Final Report PDF
601.08 KB
This is the second annual report on the application of the Credit Rating Agencies Regulation. 
24/05/2013 2013/600 Guidelines on key concepts of the AIFMD Final Report PDF
473.66 KB

  Executive Summary Reasons for publication On 23 February 2012, ESMA published a discussion paper (DP) on key concepts of the Alternative Investment Fund Managers Directive and types of AIFM (2012/117), which was followed on 19 December 2012 by the publication of a consultation paper (CP) on guidelines on key concepts of the AIFMD (2012/845). The CP set out formal proposals for guidelines ensuring common, uniform and consistent application of the concepts in the definition of ‘AIF’ in Article 4(1)(a) of the AIFMD by providing clarification on each of these concepts. This final report sets out the final text of the guidelines on key concepts of the AIFMD.

23/09/2014 2014/1164 Annex Annex to the Statement by Steven Maijoor, Chair of ESMA to the ECON hearing, 23 September 2014 Final Report PDF
503.01 KB
21/02/2014 2014/151 Credit Rating Agencies Annual Report 2013 Final Report PDF
507.61 KB
The European Securities and Markets Authority (ESMA) has published its Annual Report 2013 (Report) on credit rating agencies (CRAs) in the European Union (EU). The Report also outlines ESMA’s supervisory work plan for this year. ESMA has found that CRAs continue to progress in how they comply with the CRA Regulation, including improved internal transparency and disclosure to the market on credit rating activities as well as empowerment of the compliance function. However, ESMA considers that improvements are still necessary, notably in the following areas: • validation of rating methodologies, to ensure that a credit rating assessment is a comprehensive risk assessment leading to high quality ratings; • internal governance, ensuring the full independence of the internal review function and thereby reducing the risk of potential conflict of interest; and • robust IT systems to support the rating process, including information security controls and protection of confidential rating information. These issues form the basis for much of ESMA’s supervision activities as outlined in its 2014 work plan. This includes the completion of the two on-going supervisory reviews into CRAs’ monitoring of structured finance ratings and into small and medium-sized CRAs. A new thematic investigation on how CRAs review and validate their rating methodologies will also be launched, as well as dedicated work on CRAs’ IT systems and controls. Following the entry into force of the amended CRA Regulation in June 2013, ESMA will also complete a specific assessment on CRAs’ compliance with the new regulatory requirements.
16/12/2014 2014/1524 ESMA’s investigation into structured finance ratings Final Report PDF
436.29 KB
The European Securities and Markets Authorities (ESMA) has published this report to inform of the outcome and findings of its general investigation in the way credit rating agencies (CRAs) conduct surveillance of structured finance credit ratings, as indicated in ESMA’s Credit Rating Agencies Annual Report 2013. The investigation took place between October 2013 and September 2014 and involved the four largest CRAs providing credit ratings on structured finance instruments in the EU, namely DBRS Ratings (DBRS), Fitch Ratings (Fitch), Moody’s Investors Service (MIS) and Standard & Poor’s (S&P). 
05/08/2014 2014/939 Report to the European Parliament, the Council and the Commission on ESMA’s staffing and resource for CRA supervision Final Report PDF
322.49 KB
The European Securities and Markets Authority (ESMA) is required by Article 39a of Regulation (EU) No 462/2013 of the European Parliament and the Council of 21 May 2013, amending Regulation (EC) No 1060/2009 on credit rating agencies (CRA Regulation), to assess the staffing and resources needs arising from the assumption of its powers and duties under the CRA Regulation and submit a report to the European Parliament, the Council and the Commission of these needs. The Report describes the tasks that ESMA carries out in view of its responsibilities under the CRA Regulation. For each task the report analyses the implications in terms of processes and activities to be carried out. The report also provides the implications in terms of resources and budget. While ESMA experienced a steep increase of resources in the initial years following the entry into force of the CRA Regulation, incremental growth in staff numbers in 2015 and 2016 can be envisaged to adequately cope with additional tasks following from the CRA3 Regulation.
02/10/2015 2015/1473 Report on the Possibility of Establishing one or more Mappings of Credit Ratings Published on the European Rating Platform Final Report PDF
515.48 KB
18/12/2015 2015/1879 ESMA CRA Market Share Calculation Final Report PDF
586.38 KB
23/03/2015 2015/609 Guidelines on periodic information to be submitted to ESMA by Credit Rating Agencies Final Report PDF
166.64 KB
15/11/2016 2016-1575 Final Report on Guidelines on the validation and review of Credit Rating Agencies’ methodologies Final Report PDF
655.85 KB
08/06/2016 2016/935 Final Report on Draft RTS under the ELTIF Regulation Final Report PDF
687.45 KB
05/02/2019 ESMA 33-9-295 Final Report Guidelines on the Submission of Periodic Information to ESMA by Credit Rating Agencies Final Report PDF
769.91 KB