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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.
 

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
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
22/12/2011 2011/461 Final report- Regulatory Technical Standards on the presentation of the information that credit rating agencies shall disclose in accordance with Article 11(2) and point 1 of Part II of Section E of Annex I to Regulation (EC) No 1060/2009 Technical Standards PDF
555.25 KB
22/12/2011 2011/463 Final report- Regulatory technical standards on the information for registration and certification of credit rating agencies Technical Standards PDF
444.79 KB
22/12/2011 2011/464 Final report- Draft RTS on the content and format of ratings data periodic reporting to be requested from credit ratings agencies for the purpose of on-going supervision by ESMA Technical Standards PDF
485.78 KB
22/12/2011 2011/462 Final Report- Draft RTS on the assessment of compliance of credit rating methodologies with CRA Regulation Technical Standards PDF
445.83 KB
25/09/2015 2015/1463 ESMA Consultation Paper on ESEF , , Consultation Paper PDF
2.34 MB
24/06/2014 2014/685 Draft Regulatory Technical Standards under the CRA3 Regulation Technical Standards PDF
2.39 MB
The European Securities and Markets Authority (ESMA) has published its Final Report on draft Regulatory Technical Standards (RTS) required under the Credit Rating Agencies (CRA3) Regulation regarding information on transparency of structured finance instruments, the European Rating Platform and periodic reporting of fees charged by credit rating agencies. The draft RTS, which complement the existing regulatory framework for credit rating agencies (CRAs), cover: • disclosure requirements on structured finance instruments (SFIs); • the European Rating Platform (ERP); and • the periodic reporting on fees charged by CRAs.
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
17/11/2015 2015/1735 Discussion Paper on the validation and review of Credit Rating Agencies’ methodologies Consultation Paper PDF
421.25 KB
10/07/2013 2013/891 Discussion Paper on CRA3 Implementation Consultation Paper PDF
639.76 KB
The Discussion Paper deals with the implementation of the CRA3 Regulation, which entered into force on 20 June 2013.The Regulation, which complements the existing regulatory framework for credit rating agencies (CRAs), requires ESMA to draft Regulatory Technical Standards (RTS) on:•    disclosure requirements on structured finance instruments (SFIs);•    the European Rating Platform (ERP); and•    the periodic reporting on fees charged by CRAs.ESMA is seeking views from all interested parties by 10 October 2013 in order to assist in its preparation of the draft RTS to be published for consultation in early 2014.  ESMA must submit the draft RTS to the European Commission by 21 June 2014.
19/09/2011 2011/302 Consultation paper- Regulatory technical standards on the information to be provided to ESMA by a credit rating agency in its application for registration and certification and for the assessment of its systemic importance Consultation Paper PDF
276.02 KB