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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
06/04/2017 ESMA70-872942901-17 Final report on Guidelines on the calibration of circuit breakers and the publication and reporting of trading halts under MiFID II Final Report PDF
887.97 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
10/10/2016 2016/1451 Final Report- Guidelines on transaction reporting, order record keeping and clock synchronisation under MiFID II , Final Report PDF
388.3 KB
26/05/2016 2016/725 Draft RTS on indirect clearing arrangements under EMIR and MiFIR , , Final Report PDF
740.71 KB
04/05/2016 2016/653 Final Report on RTS on reporting obligations under Article 26 of MiFIR Final Report PDF
231.35 KB
04/04/2016 2016/461 Final report on temporary exemption for ETDs under MiFID II Final Report PDF
619.46 KB
18/12/2015 2015/1879 ESMA CRA Market Share Calculation Final Report PDF
586.38 KB
11/12/2015 2015/1858 Final Report- Draft ITS under MiFID II Final Report PDF
972.8 KB
02/10/2015 2015/1472 Technical Advice on Competition, Choice and Conflicts of Interest in the CRA industry Technical Advice PDF
2.48 MB
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 2015/1473 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
28/09/2015 2015-ESMA-1464 Annex II Annex II- CBA- draft RTS and ITS on MiFID II and MiFIR Final Report PDF
5.07 MB
23/03/2015 2015/609 Guidelines on periodic information to be submitted to ESMA by Credit Rating Agencies Final Report PDF
166.64 KB
19/12/2014 2014/1569 Technical Advice to the Commission on MiFID II and MiFIR , Technical Advice PDF
2.8 MB
Reasons for publication The European Securities and Markets Authority (ESMA) received a formal request (mandate) from the European Commission (Commission) on 23 April 2014 to provide technical advice to assist the Commission on the possible content of the delegated acts required by several provisions of Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The mandate focuses on technical issues which follow from MiFID II and MiFIR and is available on the European Commission website (here). ESMA was required to provide technical advice by no later than six months after the entry into force of MiFID II and MiFIR (2 July 2014). Contents This final report follows the same structure as the Consultation Paper  (CP) published by ESMA on 22 May 2014 which is: (1) Introduction, (2) Investor protection, (3) Transparency, (4) Data publication, (5) Micro-structural issues, (6) Requirements applying on and to trading venues, (7) Commodity derivatives and (8) Portfolio compression. This paper also contains summaries of responses to the CP received by ESMA. The rationale of those items covered already in the CP for which no relevant changes have been introduced, is not developed again in this Final Report. ESMA recommends, therefore, to read this report together with the CP published on 22 May 2014 to have a complete vision of the rationale for ESMA’s technical advice. Next steps Delegated acts should be adopted by the Commission so that they enter into application by 30 months following the entry into force of the Directive and Regulation, taking into account the right of the European Parliament and Council to object to a delegated act within 3 months (which can be extended by a further 3 months).
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). 
29/10/2014 2014/1278 Report on the equivalence of the Indian Accounting Standards , Final Report PDF
1.7 MB

This report fulfils the mandate received by the European Securities and Markets Authority (ESMA) from the European Commission (EC) in February 2014 to provide it with an update on the level of convergence of the Indian Accounting Standards (Ind-AS)1 towards International Financial Reporting Standards (IFRS) and the quality of application and enforcement of the Ind-AS, so that the EC can provide a progress report to the Council and the European Parliament (EP) in line with its obligations under Commission Regulation (EC) 1569/2007.

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.
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.
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.
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