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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 , Consultation Paper PDF
538.9 KB
30/09/2021 ESMA80-196-5819 Opinion on improving access to and use of credit ratings Opinion PDF
331.84 KB
30/09/2021 ESMA74-362-893 QAs on SFTR data reporting , , Q&A PDF
356.79 KB
09/07/2020 ESMA74-362-608 Guidelines on calculation of positions in SFTs by Trade Repositories , Consultation Paper PDF
799.81 KB
28/05/2021 ESMA74-362-1941 Consultation Paper on the Guidelines on transfer of data between Trade Repositories under EMIR and SFTR , , Consultation Paper PDF
658.69 KB
27/05/2019 ESMA70-151-1985 Consultation paper on Guidelines for reporting under Articles 4 and 12 SFTR Consultation Paper PDF
1.32 MB
24/11/2021 ESMA50-164-5210 Compliance table on Guidelines on outsourcing to cloud service providers , Compliance table PDF
172.51 KB
03/06/2020 ESMA50-164-3342 Draft Guidelines on Outsourcing to Cloud Service Providers Consultation Paper PDF
390.7 KB
12/01/2017 ESMA50-1215332076-23 Opinion on the impact of the exclusion of fund management companies from the scope of the MiFIR intervention powers Opinion PDF
224.29 KB
05/12/2019 ESMA33-9-355 Guidelines on Internal Controls for CRAs 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 Consultation Paper PDF
964.56 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
30/03/2020 ESMA33-5-829 Call for evidence on access and use of ratings Consultation Paper PDF
307.88 KB
25/05/2021 ESMA-50-164-4518 Call for evidence- Digital Finance Consultation Paper PDF
300.37 KB
29/01/2021 ESMA 80-196-5019 Consultation Paper on Fees Charged to CRAs by ESMA Consultation Paper PDF
345.85 KB
26/05/2021 ESMA 33-9-413 Guidelines on Disclosure Requirements for Initial Reviews and Preliminary Ratings Consultation Paper PDF
392.05 KB
19/12/2018 ESMA 33-9-290 Consulation Paper on Disclosure Requirements Applicable to Credit Ratings Consultation Paper PDF
519.77 KB
19/07/2018 ESMA 33-9-252 Consulation Paper on Revised Guidelines on Periodic Reporting by CRAs Consultation Paper PDF
1.87 MB
12/05/2016 ESA/2016/41 Opinion of the ESAs- ECAI credit assessments , Opinion PDF
379.79 KB
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.