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04/04/2017 33-9-149 Update of the guidelines on the application of the endorsement regime under Article 4(3) of the Credit Rating Agencies Regulation Consultation Paper PDF
1.08 MB

Endorsement is one of two regimes provided in the CRA Regulation that allow credit ratings issued in a third country to be used for regulatory purposes in the EU – the other being equivalence/certification. Article 21(3) of the CRA Regulation requires ESMA to issue and update guidelines on the application of the endorsement regime specified under Article 4(3) of the same Regulation. This Consultation Paper proposes to update the previously issued 2011 Guidelines on Endorsement.
The proposed update of the 2011 Guidelines on Endorsement is mainly driven by the need to reflect the changes to Articles 6-12 and Annex I introduced by CRA 3, which will enter into force for the purposes of equivalence and endorsement on 1 June 2018. On that basis, ESMA has to update the Methodological Framework on which ESMA relies for assessing a third-country legal and supervisory framework for the purposes of endorsement and equivalence. This Methodological Framework is provided in Annex II of the 2011 Guidelines on Endorsement. By 1 June 2018, ESMA should also have completed a reassessment of all the previously assessed third-country legal and regulatory frameworks against the new requirements based on the updated Methodological Framework (provided in Annex III).


ESMA has taken this opportunity to reassess its approach to endorsement more broadly, based on the supervisory experience acquired since the adoption of the 2011 Guidelines on Endorsement. The proposed changes and clarification of the 2011 Guidelines on Endorsement focus in particular on ESMA’s understanding of points (b), (c), (d), and (e) of Article 4(3) of the CRA Regulation.
Furthermore, some parts of the 2011 Guidelines on Endorsement relate to the establishment of ESMA, the initial registration of CRAs and various transitional arrangements. The proposed updated Guidelines on Endorsement do not include these parts, as they are no longer relevant. Finally, some information in the 2011 Guidelines on Endorsement was not addressed to market participants but referred to ESMA’s internal processes. This information has also been excluded from the proposed updated guidelines on Endorsement, but is, for context, summarised in Section 4 of this Consultation Paper.
 

19/07/2018 ESMA 33-9-252 Consulation Paper on Revised Guidelines on Periodic Reporting by CRAs Consultation Paper PDF
1.87 MB
19/12/2018 ESMA 33-9-290 Consulation Paper on Disclosure Requirements Applicable to Credit Ratings Consultation Paper PDF
519.77 KB
26/05/2021 ESMA 33-9-413 Guidelines on Disclosure Requirements for Initial Reviews and Preliminary Ratings Consultation Paper PDF
392.05 KB
29/01/2021 ESMA 80-196-5019 Consultation Paper on Fees Charged to CRAs by ESMA Consultation Paper PDF
345.85 KB
28/01/2022 ESMA 80-416-228 Consultation Paper on Revision to Guidelines and Recommendations on Scope of the CRA Regulation Consultation Paper PDF
481.87 KB
30/09/2019 ESMA-35-43-2090 Call for evidence on MiFID II product intervention powers Consultation Paper PDF
197.51 KB
25/05/2021 ESMA-50-164-4518 Call for evidence- Digital Finance Consultation Paper PDF
300.37 KB
05/11/2020 ESMA30-379-325 Consultation Paper- Draft advice to EC under Article 8 of the Taxonomy Regulation Consultation Paper PDF
1.79 MB
30/03/2020 ESMA33-5-829 Call for evidence on access and use of ratings Consultation Paper PDF
307.88 KB
27/03/2018 ESMA33-9-235 Consultation paper- Draft Guidelines on “as stringent as” notion in the CRA Regulation Consultation Paper PDF
964.56 KB
05/12/2019 ESMA33-9-355 Guidelines on Internal Controls for CRAs Consultation Paper PDF
523.56 KB
18/11/2022 ESMA34-472-373 Consultation paper on Guidelines on funds’ names , Consultation Paper PDF
943.75 KB
29/01/2021 ESMA35-36-2159 CP on Guidelines on certain aspects of the MiFID II appropriateness and execution-only requirements Consultation Paper PDF
454.65 KB
19/07/2021 ESMA35-36-2324 CP on Guidelines on certain aspects of the MiFID II remuneration requirements Consultation Paper PDF
624.54 KB
18/11/2021 ESMA35-36-2418 Draft Guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) under IFD Consultation Paper PDF
1.35 MB
17/11/2022 ESMA35-36-2640 Consultation paper on review of the technical standards under Article 34 of MiFID II Consultation Paper PDF
717.76 KB
19/12/2018 ESMA35-43-1210 Consulation paper on integrating sustainability risks and factors in MiFID II Consultation Paper
19/12/2018 ESMA35-43-1210 Consultation paper on integrating sustainability risks and factors in MiFID II Consultation Paper PDF
494.66 KB
17/07/2019 ESMA35-43-1905 Call for evidence Impact of the inducements and costs and charges disclosure requirements under MiFID II Consultation Paper PDF
479.41 KB