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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
09/06/2010 10-333 Technical Advice- The Equivalence between the Japanese Regulatory and Supervisory Framework and the EU Regulatory Regime for Credit Rating Agencies , Technical Advice PDF
4.59 MB
17/05/2011 2011/144 Final advice- ESMA´s Technical Advice to the Commission on Fees for CRAs Technical Advice PDF
1.72 MB
18/04/2012 2012/259 Technical advice on CRA regulatory equivalence- US, Canada and Australia Technical Advice PDF
697.78 KB
On 12 June 2009 the European Commission requested CESR, now ESMA, to provide its technical advice on the equivalence between the legal and supervisory framework of Japan, The United States, and Canada with the EU regulatory regime for credit rating agencies. (Regulation (EC) No. 1060/2009 of the European Parliament and the Council on credit rating agencies ). On 17 November 2009, the Commission also requested CESR to provide its technical advice on Australia. On 28 September 2010, the European Commission published an equivalence decision on Japan. With regard to the compliance with the EU requirements on endorsement, ESMA had already indicated that it considers the legal and regulatory regime for CRAs supervision of the following countries as “as stringent as” the EU requirements:        - On 22 December 2011, Japan and Australia;        - On 15 March 2012, US, Canada, Hong Kong and Singapore. This report sets out ESMA’s advice to the European Commission in respect of the equivalence between the US (Part I), Canada (Part II) and Australia (Part III) respective legal and supervisory frameworks and the EU regulatory regime for credit rating agencies.
21/11/2013 2013/1703 Technical Advice on the feasibility of a network of small and medium-sized CRAs Technical Advice PDF
601.05 KB
The European Securities and Markets Authority (ESMA) has finalised its Technical Advice to the European Commission on the feasibility of a network of small and medium sized credit rating agencies in order to increase competition in the market. The technical advice provides quantitative and qualitative information on small and medium-sized CRAs in the EU, based on the analysis of the periodic reporting obligations of CRAs to ESMA via the central repository CEREP. It also covers some information regarding possible barriers to entry for companies that wish to conduct rating activity in the EU. Contents The main findings of the advice are: • The 22 registered CRAs are established in 11 EU Member States; • None of the small and medium-sized CRAs cover the whole range of the five rating classes considered (corporates (non-financial), financials, insurance, sovereign and public finance, and structured finance). Whilst DBRS and BCRA cover four and three classes respectively, all the remaining small and medium-sized CRAs cover one or two rating classes only. This contrasts with Fitch, Moody’s and S&P that issue ratings for all five possible rating classes; • Small and medium-sized CRAs are mainly active in issuing corporate ratings. Within this rating type, four small and medium-sized CRAs issue a relatively high number of corporate ratings (CERVED and ICAP) or financial and insurance ratings (GBB and AM Best); • Only 6 of the small and medium-sized CRAs provide sovereign ratings (BCRA, Capital Intelligence, DBRS, European Rating, Feri Euro Rating (Feri) and Japan Credit Rating Agency (JCR)), whilst only one (DBRS) issues structured finance ratings; • As of end 2012 the majority of small and medium-sized CRAs issued solicited ratings only, whilst eight issued unsolicited ratings only. Three small and medium-sized CRAs (DBRS, JCR, and Scope) issued both solicited and unsolicited ratings, as was the case also for Fitch, Moody’s and S&P; • As regards geographical coverage of the small and medium-sized CRAs 6 out of 19 (AM Best, Capital Intelligence, Creditreform, DBRS, JCR and Scope) have a coverage that goes beyond one Member State when referring to corporate ratings. As regards the sovereign ratings type, three of the small and medium-sized CRAs cover more than one Member State (Capital Intelligence, Feri and JCR). In both of these ratings types, Fitch, Moody’s and S&P’s rating activities cover all Member States of the EU; • In 2013, 96% of the supervisory fees were paid by S&P, Moody’s, and Fitch, while their turnover from rating and ancillary services was equal to 88% of the total turnover of the 20 registered and certified CRAs in 2012: and • As of July 2013, 14 out of 19 small and medium-sized CRAs have been granted at least one of the regulatory exemptions provided for in the CRA Regulation. Finally, and with reference to the current situation in the segment of small and medium-sized CRAs, ESMA is not aware of any private networks of small and medium-sized CRAs currently in place.
19/12/2013 2013/1953 Technical Advice to the European Commission on the equivalence between the Argentinean regulatory and supervisory framework and the EU regulatory regime for CRAs Technical Advice PDF
143.15 KB
31/05/2013 2013/626 Technical advice on CRA regulatory equivalence on Argentina, Brazil, Mexico, Hong Kong and Singapore Technical Advice PDF
840.48 KB
The European Securities and Markets Authority (ESMA) has provided advice to the European Commission in respect of the equivalence between the EU regulatory regime for credit rating agencies and the respective legal and supervisory frameworks of Argentina, Brazil, Mexico, Hong Kong and Singapore. This is in response to the European Commission’s request for technical advice from ESMA on the equivalence of these jurisdictions legal and supervisory frameworks with the EU regulatory regime for credit rating agencies as set out in Regulation (EC) No. 1060/2009 of the European Parliament and the Council on credit rating agencies.  The European Commission has already published equivalence decisions on US, Canada and Australia, on 9 October 2012, and on Japan, 28 October 2010. Regarding compliance with the EU requirements on endorsement, ESMA has already indicated that it considers the legal and regulatory regime for CRAs supervision of the following countries as “as stringent as” the EU requirements: 15 March 2012, Hong Kong and Singapore; 18 April 2012, Argentina and Mexico; 27 April 2012, Brazil.
20/01/2014 2014/45 Production of ESMA’s 2013 Annual Report CLOSED Procedure PDF
36.6 KB
Description of required services / products ESMA is seeking a creative agency to produce its annual report for 2013 of approx. 100 pages. Description of Contract – Contract value and duration The production of EMSA’s annual report includes its layout, graphic design, printing and posting. The contract period is from February to June 2014. Companies are asked to state a total fixed price in Euro. Prices quoted must be exclusive of all taxes (ex-cluding VAT), shall be firm and not subject to revision. The total fixed price must include professional fees, travel and any subsistence costs. The indicative total budget for this assignment is: € 20,000 – 30,000. Selection criteria - Conditions for participation ESMA seeks an experienced graphic design company to layout and produce its ESMA’s annual 2013 re-port. The company should: be a communications/graphic design agency with a good knowledge in conceiving, designing and managing the production of (printed) reports; have proven experience in producing annual reports (ideally incl. for the public sector); be able to provide a project team that can communicate and review text in English; be physically available for at least two face-to-face meetings in Paris during the planning phase and if necessary further meetings during the production of the annual report; be able to react quickly and provide on-going support (via phone and/ or e-mail) throughout the project. How to obtain the full Invitation to Tender Should you be interested in participating in this tender, please request the full tender documentation by sending an e-mail with the tender reference to: Sabrina.Bellaouel@esma.europa.eu Date: 20 January 2014 ESMA/2014/45
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.
02/10/2015 2015/1471 Technical Advice on Reducing Sole and Mechanistic Reliance on Credit Ratings Technical Advice PDF
1.1 MB
02/10/2015 2015/1472 Technical Advice on Competition, Choice and Conflicts of Interest in the CRA industry Technical Advice PDF
2.48 MB
18/07/2019 ESMA33-9-321 Technical Advice on Sustainability Considerations in the Credit Rating Market Technical Advice PDF
451.01 KB
12/12/2017 ESMA62-167-139 Avis d’appel à candidatures: Location de surfaces de bureaux ou autres locaux à usages de bureaux – Date limite 02/01/2018 CLOSED Procedure PDF
392.25 KB
01/04/2020 ESMA70-156-2287 Technical Advice to the European Commission on weekly position reports under MiFID II , Technical Advice PDF
231.84 KB
15/02/2013 OJ/05/02/2013 -PROC/2013/001 Tender for Catering Services- deadline 25 March 2013 CLOSED Procedure PDF
644.31 KB
Invitation to tender Contract notice Annex I Lot 1 Annex I Lot 2-3 Annex I Lot 4 Annex VII Lot 1 Annex VII Lot 2 Annex VII Lot 3 Annex VII Lot 4 Q&A List 1
17/12/2013 OJ/05/12/2013-PROC/2013/009 Consultancy Services (Deadline for submission: [UPDATED] new deadline 20/02/2014) CLOSED Procedure PDF
597.92 KB
Consultancy – Invitation Letter (new deadline 20/02/2014) Tender Specifications (updated with track changes and new deadline) Consultancy Annex I Consultancy Annex VII Consultancy Annex X (updated with track changes) Consultancy Annex XII Consultancy Annex XIII (updated with track changes) Consultancy Questions and Answers 1 (Deadline updated) Consultancy Questions and Answers 2 (Deadline updated) Consultancy Questions and Answers 3 Consultancy Questions and Answers 4 Corrigendum to Contract Notice (Deadline Extension)
19/08/2013 OJ/06/08/2013 Travel Agency Services (New deadline for submission: 30/09/2013) CLOSED Procedure PDF
688.3 KB
Tender specifications Invitation letter Annex I Model contract Contract notice 2013/S 158-275078 Annex VII Financial proposal Annex X Questionnaire of professional capacities Annex XI Technical proposal Annex XII Mission Guide (ESMA) Annex XIII Mission Guide (EIOPA) Annex XIV Hotels ceilings Annex XVI Quality feedback form Q&A List 1 Q&A List 2 eNotices Corrigendum-2013-122902–F14-EN
18/11/2013 OJ/06/11/2013-PROC/2013/007 Training services for ESMA (Deadline for submission: [UPDATED] new deadline 27/01/2014) CLOSED Procedure PDF
763.67 KB
Tender: Training services for ESMA New Deadline for submission: 27/01/2014 Invitation to tender (be updated deadline is 27/01/2014) Framework Service Contract with ESMA Contract notice Corrigendum – Change of Deadline Questions and Answers 1 Questions and Answers 2
08/01/2013 OJ/11/12/2012-PROC/2012/007 ICT SYSTEMS SOFTWARE AND FUNCTIONAL MAINTENANCE SERVICES- Updates: new deadline 25/03/2013. More updates in the Tender specifications CLOSED Procedure PDF
700.79 KB
Please check new details in Annex VII of the tender specifications Invitation letter Model contract Contract notice Non-disclosure agreement Annex VIIa Annex VIIa - example Annex X Annex XI Annex XII Annex XIII Q&A 1 Q&A 2 Q&A 3 Q&A 4 Q&A 5 Q&A 6 Q&A 7
26/07/2013 OJ/16/07/2013 – PROC/2013/005 Data gathering and impact assessment on implementing measures for the Markets in Financial Instruments Directive and Regulation (Deadline for submission: 20/09/2013) CLOSED Procedure PDF
611.59 KB
Deadline for submission 2 September 20 September 2013 at 16:00 local time (Paris 12.00h, GMT + 1) (Updated) Corrigendum 2013/S 152-263733   Invitation letter Annex I Model Contract Contract notice Q&A List 1
30/04/2013 OJ/17/04/2013-PROC/2013/004 Training and e-learning services for ESMA — Deadline 3 June 2013 CLOSED Procedure PDF
574.86 KB
  Description of the contract The Authority intends to conclude framework contracts for the provision of: E-learning course catalogue (Lot 1)   And multiply framework contracts with reopening competition for: Development of an E-learning course (Lot 2) Blended learning courses in the domain of the financial markets and economics (Lot 3) Training courses in the domain of the financial markets and economics (Lot 4) Soft-skills development training related supervision and regulation (Lot 5)     Contract notice Annex I Model contract for Lot 1 Annex I Model contract for Lot 2,3,4 Q&A List 1 Q&A List 2 Q&A List 3 Q&A List 4

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