ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
59
DOCUMENTS

REFINE YOUR SEARCH

Sections

Type of document

Your filters
Sustainable finance X Credit Rating Agencies X Warnings and publications for investors X MiFID - Investor Protection X Prospectus X Securities Financing Transactions X CESR Archive X Post Trading X Q&A X Technical Advice X
Reset all filters
Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
14/12/2017 ESMA70-151-957 MiFID II Q&A on post-trading issues , Q&A PDF
280.02 KB
22/06/2012 2012/382 MiFID Q&A in the area of investor protection and intermediaries Q&A PDF
319.78 KB
29/05/2007 07-320 Q&A on Best Execution Q&A PDF
578.51 KB
28/02/2022 ESMA70-1861941480-52 Q&A on EMIR implementation , Q&A PDF
1.46 MB
29/04/2016 2016/665 Q&A on ESMA’s EU-wide stress tests for CCPs Q&A PDF
269.98 KB
11/04/2019 ESMA31-62-780 Q&A on Prospectus Related Topics , , , , , , Q&A PDF
957.9 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
31/03/2017 ESMA35-36-794 Q&A Relating to the provision of CFDs and other speculative products to retail investors under MiFID Q&A PDF
948.76 KB
19/11/2021 ESMA35-43-349 Q&As on MiFID II and MiFIR investor protection topics , Q&A PDF
1023.15 KB
27/07/2021 ESMA31-62-1258 Q&As on the Prospectus Regulation Q&A PDF
814.87 KB
04/08/2022 ESMA70-156-4448 Q&As- Central Securities Depositories Regulation , Q&A PDF
561.38 KB
19/07/2022 ESMA74-362-893 QAs on SFTR data reporting , , Q&A PDF
405.28 KB
19/04/2010 10-293 Question and Answers- Understanding the definition of advice under MiFID Q&A PDF
335.78 KB
02/02/2018 ESMA70-151-1179 Questions and Answers ESMA CCP Stress Test Q&A PDF
694.47 KB
06/05/2010 10-591 Questions and answers on MiFID: Common positions agreed by CESR Members in the area of the Secondary Markets Standing Committee Q&A PDF
130.84 KB
03/11/2009 09-559 Questions and Answers- MiFID complex and non complex financial instruments for the purposes of the Directive’s appropriateness requirements Q&A PDF
405.18 KB
25/05/2022 Joint Committee SFDR Q&As Questions related to Regulation (EU) 2019/2088 on SFDR , Q&A PDF
794.9 KB
13/05/2022 JC 2022 26 SFDR queries forwarded to the Commission , Q&A PDF
132.33 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.
11/11/2019 ESMA70-151-2649 Technical advice on comparable compliance Technical Advice PDF
790.06 KB