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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
17/11/2017 ESMA71-99-642 ESMA clarifies endorsement regime for third-country credit ratings Press Release PDF
307.12 KB
30/10/2017 ESMA32-51-370 Q&A on ESMA Guidelines on Alternative Performance Measures , Q&A PDF
566.5 KB
05/10/2017 ESMA71-99-610 ESMA maintains focus on supervisory convergence and risk assessment in 2018 Press Release PDF
148.97 KB

The European Securities and Markets Authority (ESMA) has published its 2018 Work Programme (WP), which sets out its priorities and areas of focus for 2018 in support of its mission to enhance investor protection and promote stable and orderly financial markets.

For 2018, the key areas of focus under ESMA’s activities of supervisory convergence, assessing risks, single rulebook and direct supervision will be:

  • Providing guidance and promoting the consistent application of MiFID II and MiFIR by market participants and National Competent Authorities (NCAs);

  • Ensuring the quality, integration, usability and transparency of the data that ESMA collects;

  • Contributing to the development of Level 2 measures in relation to the revised Prospectus regime; AND

  • Enhancing the effectiveness and lasting impact of supervisory activities at individual credit rating agencies (CRA) and trade repositories (TR) level.

The overall budget for 2018 is expected to be €42,051,386 with a projected staff of 232.

 

 

01/06/2017 ESMA71-99-466 ESMA fines Moody’s €1.24 million for credit ratings breaches , , Press Release PDF
238.35 KB

The European Securities and Markets Authority (ESMA) has fined Moody’s Deutschland GmbH (Moody’s Germany) €750,000 and Moody’s Investors Service Limited (Moody’s UK) €490,000, and issued a public notice, for two negligent breaches of the Credit Rating Agencies Regulation (CRAR).

ESMA found that Moody’s Germany and Moody’s UK negligently committed two infringements of the CRAR regarding their public announcement of certain ratings and their public disclosure of methodologies used to determine those ratings. These failures concern nineteen ratings issued between June 2011 and December 2013 for nine supranational entities including the European Investment Bank, the European Investment Fund, the European Stability Mechanism, the European Financial Stability Facility and the European Union.

04/04/2017 71-99-378 ESMA proposes updates to endorsement guidelines for 3rd country credit ratings , Press Release PDF
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The European Securities and Markets Authority (ESMA) has published a consultation paper (CP) on updating its Guidelines on the application of the endorsement regime under the CRA (Credit Rating Agencies) Regulation. Endorsement is a regime under the CRA Regulation, which allows credit ratings issued by a third-country CRA, and endorsed by an EU CRA, to be used for regulatory purposes in the EU. A credit rating that has been endorsed is considered to have been issued by the endorsing EU CRA. The endorsement regime is available for CRAs of systemic importance with global networks of affiliates.

29/03/2017 ESMA71-99-376 Feri EuroRating Services AG CRA registration withdrawn following acquisition , Press Release PDF
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The European Securities and Markets Authority (ESMA) has today withdrawn the credit rating agency (CRA) registration of Feri EuroRating Services AG (Feri EuroRating).

02/02/2017 ESMA71-844457584-339 Press Release ESMA Supervision 2016 annual report and 2017 work programme , Press Release PDF
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01/12/2016 2016/1620 ESMA to provide free credit ratings information to public , Press Release PDF
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The European Securities and Markets Authority (ESMA) has today launched its new database, the European Ratings Platform (ERP), to provide access to free, up-to-date information on credit ratings and rating outlooks on its website. The ERP is an important element of ESMA’s work, following the financial crisis, to increase transparency around credit ratings and help investors make informed decisions.

The benefits of the new ERP include:

  • allowing investors and other users of ratings to easily compare all credit ratings that exist for a specific rated entity or instrument;
  • lowering information costs by centralising information; and
  • helping smaller and new credit rating agencies gain visibility in the market.
15/11/2016 2016/1577 ESMA finalises Guidelines on the validation and review of Credit Rating Agencies’ methodologies , Press Release PDF
215.45 KB
28/10/2016 ESMA/2016/1527 ESMA sets enforcement priorities for listed companies’ 2016 financial statements , , Press Release PDF
230.9 KB
13/10/2016 2016 IFRS Press Release ESMA and IFRS® Foundation strengthen cooperation , , Press Release PDF
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03/08/2016 2016/300 Warning- Unauthorised use of ESMA’s identity and logo Investor Warning PDF
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21/07/2016 2016/1157 Press release- ESMA fines Fitch Ratings Limited €1.38 million , Press Release PDF
282.37 KB
17/02/2016 2016/300 Warning- Unauthorised use of ESMA’s identity and logo , Press Release PDF
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Unauthorised use of ESMA’s identity and logo

The European Securities and Markets Authority (ESMA) has been informed that its identity and logo have been used in communications targeting company employees in order to request the transfer of company money.

In addition, ESMA has been informed that attempts were made to use the name of a senior member of ESMA staff also for the purpose of fraudulent scams targeting a savings bank and a listed issuer.

Please note that all references to ESMA or any ESMA employees in these communications, which do not originate from ESMA, are entirely false and have been made without ESMA’s knowledge or consent.

In order to protect yourself against these unauthorised communications, ESMA advises you:

  • To check whether the e-mail received is genuine;
  • To inform your superior in case of suspicious e-mails;
  • To contact ESMA if any suspicion arises;
  • To contact the police;

Be aware that fraudsters might use ESMA’s name, logo or the name of an ESMA staff member, a bogus website which appears to be that of ESMA, and/or make bogus references to people said to work in ESMA. Be aware of the following when making your checks:

  • ESMA is a European Supervisory Authority established by a Regulation of the European Parliament and of the Council;
  • ESMA is based in Paris, France and has no affiliates or branch offices elsewhere;
  • ESMA’s emails end with the address @esma.europa.eu;
  • ESMA’s telephone number begins with the prefix +33 for France, no other prefix is valid;
  • ESMA’s official website can be found at www.esma.europa.eu
11/02/2016 2016/284 ESMA publishes first supervisory convergence work programme , , Press Release PDF
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The European Securities and Markets Authority (ESMA) has published its first Supervisory Convergence Work Programme 2016 (SCWP), which details the activities and tasks it will carry out to promote sound, efficient and consistent supervision across the European Union.

The publication of the SCWP expands on the high-level objective outlined in the Annual Work Programme 2016 and fulfils a key commitment in ESMA’s Strategic Orientation 2016-2020 to outline how it would refocus its resources from single rulebook to supervisory convergence work.

05/02/2016 2016/247 ESMA to focus on governance, strategy, data and fees in 2016 supervision , , Press Release PDF
160.03 KB

The European Securities and Markets Authority (ESMA) has today published its 2016 supervisory priorities for credit rating agencies (CRAs) and trade repositories (TRs), as well as its annual report summarising the key supervisory work and actions undertaken during 2015.

2016 Supervisory Priorities

ESMA has seen a number of changes in the CRA and TR industries during 2015, with new applicants for registration in both sectors, and current authorised entities seeking to develop their businesses. This has included CRAs providing credit ratings on new asset classes or in new geographic areas, and TRs offering trade reporting services for other instrument types.

ESMA identifies its supervisory priorities on the basis of risk assessment exercises conducted throughout the year. In 2015 these identified high levels of governance and strategy risk, and operational risk in the CRA industry and high levels of risk associated with TRs’ data and systems. Therefore, in 2016 ESMA will focus its supervisory activities on:

  • CRA governance and strategy and the quality of credit ratings;
  • TR data quality and data access;
  • Fees charged and information security for all supervised entities.

Steven Maijoor, ESMA Chair, said:

“The credit rating and trade repository industries continue to evolve and develop. We are receiving new applications for registration and existing entities are seeking to develop their businesses by expanding into new areas. ESMA supports these developments where they contribute to the maintenance of stable and orderly financial markets.

“For this reason, in 2016 ESMA will focus its work on the quality of the services being provided by supervised entities. This means we will concentrate on issues surrounding CRA governance, strategy and ratings quality, along with data quality and access to TRs’ data with a broad focus on the fee structures and information security in both industries.”

2015 Annual Supervisory Review – CRAs and TRs

In 2015, following its risk-based approach, ESMA focused its supervisory efforts on CRAs’ governance, risk management and internal decision making and on CRAs’ business development processes. Some notable achievements were:

  • investigating the techniques being applied to validate credit rating methodologies by some CRAs and using the differences identified to encourage industry-wide debate about appropriate validation standards;
  • conducting an IT risk assessment which identified that CRAs are facing serious risks in several areas including IT operations and information security;
  • investigating the process of issuing credit ratings followed by one CRA and raising concerns about the preparation of issue ratings, the workloads of credit rating analysts and their involvement in the provision of ancillary services; and
  • concluding an enforcement case against DBRS Ratings Ltd for internal control failings and imposing a €30,000 fine for past record-keeping breaches. The case highlighted the need for CRAs to establish clear decision-making procedures, organisational structures and effective compliance functions.

The key risks TR supervision focused on in 2015 related to the quality of TRs’ data, access to data held by TRs and the operation and performance of TRs’ systems. In 2015, ESMA continued working with TRs to implement the data quality action plan established in September 2014 including:

  • harmonising TRs’ data validation;
  • monitoring the inter-TR reconciliation process; and
  • ensuring the harmonisation of the aggregate data made available on TRs’ websites.

ESMA has also been monitoring National Competent Authorities’ (NCAs) access to TR data. It has entered into a number of Memoranda of Understanding (MoUs) to help third country regulatory authorities access TR data and is developing an IT system to allow NCAs to submit data queries through a centralised web portal.

28/01/2016 2016/167 Anneli Tuominen appointed Vice Chair of ESMA , Press Release PDF
139.35 KB
02/10/2015 2015/1483 ESMA sees progress in reform of EU credit rating industry , Press Release PDF
195.75 KB
29/06/2015 2015/1050 Press Release- ESMA fines DBRS Ratings Ltd. for internal control failings , Press Release PDF
172.71 KB
26/06/2015 2015/1049 ESMA announces the appointment of new chairs to Standing Committees , , Press Release PDF
105.46 KB