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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
30/07/2013 2013/720 FR Guidelines and Recommendations on the Scope of the CRA Regulation , Guidelines & Recommendations PDF
108.46 KB
Orientations et recommandations Orientations et recommandations sur le champ d’application du règlement sur les agences de notation de crédit
30/07/2013 2013/720 IT Guidelines and Recommendations on the Scope of the CRA Regulation , Guidelines & Recommendations PDF
100.65 KB
Orientamenti e raccomandazioni Orientamenti e raccomandazioni sull’ambito di applicazione del regolamento CRA
30/07/2013 2013/720 LV Guidelines and Recommendations on the Scope of the CRA Regulation , Guidelines & Recommendations PDF
135.74 KB
Pamatnostādnes un ieteikumi Pamatnostādnes un ieteikumi par KA regulas darbības jomu
30/07/2013 2013/720 NL Guidelines and Recommendations on the Scope of the CRA Regulation , Guidelines & Recommendations PDF
101.1 KB
Richtsnoeren en aanbevelingen Richtsnoeren en aanbevelingen met betrekking tot het toepassingsgebied van de CRA-
30/07/2013 2013/720 HU Guidelines and Recommendations on the Scope of the CRA Regulation , Guidelines & Recommendations PDF
142.12 KB
Iránymutatások és ajánlások Iránymutatások és ajánlások a hitelminősítő intézetekről szóló rendelet hatályáról
30/07/2013 2013/720 LT Guidelines and Recommendations on the Scope of the CRA Regulation , Guidelines & Recommendations PDF
137.57 KB
Gairės ir rekomendacijos KRA reglamento taikymo srities gairės ir rekomendacijos
30/07/2013 2013/720 FI Guidelines and Recommendations on the Scope of the CRA Regulation , Guidelines & Recommendations PDF
100.69 KB
Ohjeita ja suosituksia Luottoluokituslaitoksista annetun asetuksen soveltamisalaa koskevia ohjeita ja suosituksia
30/07/2013 2013/720 MT Guidelines and Recommendations on the Scope of the CRA Regulation , Guidelines & Recommendations PDF
142.8 KB
Linji Gwida u Rakkomandazzjonijiet Linji Gwida u Rakkomandazzjonijiet dwar l-Ambitu tar-Regolament CRA
30/07/2013 2013/720 PL Guidelines and Recommendations on the Scope of the CRA Regulation , Guidelines & Recommendations PDF
145.4 KB
Wytyczne i zalecenia Wytyczne i zalecenia dotyczące zakresu rozporządzenia w sprawie agencji ratingowych
30/07/2013 2013/720 PT Guidelines and Recommendations on the Scope of the CRA Regulation , Guidelines & Recommendations PDF
102.92 KB
Orientações e recomendações Orientações e recomendações relativas ao âmbito de aplicação do Regulamento relativo às agências de notação de risco (Regulamento ANR)
30/07/2013 2013/720 RO Guidelines and Recommendations on the Scope of the CRA Regulation , Guidelines & Recommendations PDF
142.73 KB
Orientări şi recomandări Orientări şi recomandări privind domeniul de aplicare al Regulamentului ARC
30/07/2013 2013/720 SK Guidelines and Recommendations on the Scope of the CRA Regulation , Guidelines & Recommendations PDF
151.15 KB
Usmernenia a odporúčania Usmernenia a odporúčania k rozsahu nariadenia o ratingových agentúrach
30/07/2013 2013/720 SL Guidelines and Recommendations on the Scope of the CRA Regulation , Guidelines & Recommendations PDF
135.88 KB
Smernice in priporočila Smernice in priporočila o področju uporabe uredbe CRA
30/07/2013 2013/720 SV Guidelines and Recommendations on the Scope of the CRA Regulation , Guidelines & Recommendations PDF
99.69 KB
Riktlinjer och rekommendationer Riktlinjer och rekommendationer till förordningen om kreditvärderingsinstitut
30/07/2013 2013/720 HR Guidelines and Recommendations on the Scope of the CRA Regulation , Guidelines & Recommendations PDF
137.57 KB
Smjernice i preporuke Smjernice i preporuke o djelokrugu CRA Uredbe
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
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.
23/06/2015 2015/609 EN Guidelines on periodic information to be submitted to ESMA by Credit Rating Agencies , Guidelines & Recommendations PDF
343.82 KB
BG  - Преводът е предоставен от Центъра за преводи за органите на Европейския съюз.CS - Tento překlad vypracovalo Překladatelské středisko pro instituce Evropské unie.DA - Denne oversættelse er udarbejdet af Oversættelsescentret for Den Europæiske Unions Organer.DE - Die Übersetzung erfolgte durch das Übersetzungszentrum für die Einrichtungen der Europäischen Union.EL - Η παρούσα μετάφραση έγινε από το Μεταφραστικό Κέντρο των Οργάνων της Ευρωπαϊκής Ένωσης.ES - Texto traducido por el Centro de Traducción de los Órganos de la Unión Europea ET - Selle tõlke tegi Euroopa Liidu Asutuste Tõlkekeskus.FI - Euroopan unionin elinten käännöskeskus on tehnyt tämän käännöksen.FR - La présente traduction a été fournie par le Centre de traduction des organes de l’Union européenne. HR - Za prijevod se pobrinuo Prevoditeljski centar za tijela Europske unije.HU - Ezt a fordítást az Európai UnióIT - La presente traduzione è stata fornita dal Centro di traduzione degli organismi dell’Unione europea.LT - Šį tekstą išvertė Europos Sąjungos įstaigų vertimo centras.LV - Šo tulkojumu ir nodrošinājis Eiropas Savienības iestāžu Tulkošanas centrs.MT - Din it-traduzzjoni ġiet ipprovduta  miċ-Ċentru tat-Traduzzjoni għall-Korpi tal-Unjoni Ewropea.NL - Deze vertaling is verzorgd door het Vertaalbureau voor de organen van de Europese Unie.PL - Tłumaczenie wykonane przez Centrum Tłumaczeń dla Organów Unii Europejskiej.PT - Esta tradução foi fornecida pelo Centro de Tradução dos Organismos da União Europeia.RO - Această traducere a fost asigurată de Centrul de Traduceri pentru Organismele Uniunii Europene.SK - Preklad vyhotovilo Prekladateľské stredisko pre orgány Európskej únie.SL - Prevod je zagotovil Prevajalski center za organe Evropske unije.SV - Den här översättningen har utförts av Översättningscentrum för Europeiska unionens organ.
23/06/2015 2015/609 BG Насоки относно информацията, предоставяна периодично на ЕSMA от агенциите за кредитен рейтинг , Guidelines & Recommendations PDF
297.5 KB
BG  - Преводът е предоставен от Центъра за преводи за органите на Европейския съюз.