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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
15/11/2012 2012/BS/125 Summary of conclusions BoS meeting 24/09/12 Reference PDF
222.36 KB
15/11/2013 2013/BS/155 Summary of conclusions BoS meeting 24/09/13 Reference PDF
193.33 KB
19/11/2014 2014/BS/159 Summary of conclusions BoS meeting 25/09/14 Reference PDF
187.74 KB
04/04/2013 2013/BS/30 Summary of conclusions BoS meeting 29/01/13 Reference PDF
268.86 KB
27/08/2013 2013/BS/122 Summary of conclusions BoS meeting 30/04/13 Reference PDF
188.99 KB
14/04/2015 2015/BS/32rev Summary of Conclusions BoS meeting on the 29th of January 2015 Reference PDF
227.63 KB
13/02/2012 2011/BS/234 Summary of conclusions- Board of Supervisors conference call on 23 November 2011 Reference PDF
22.39 KB
02/12/2011 2011/BS/180 Summary of conclusions- Board of Supervisors conference calls on 25 and 28 July 2011 Reference PDF
98.62 KB
22/07/2011 2011/BS/141 Summary of conclusions- Board of Supervisors meeting of 12 April 2011 Reference PDF
139.03 KB
22/07/2011 2011/BS/142 Summary of conclusions- Board of Supervisors meeting of 25 May 2011 Reference PDF
117.04 KB
13/02/2012 2011/BS/233 Summary of conclusions- Board of Supervisors meeting of 8 November 2011 Reference PDF
121.56 KB
02/12/2011 2011/BS/179 Summary of conclusions- Board of Supervisors meeting on 11-12 July 2011 Reference PDF
55.2 KB
02/12/2011 2011/BS/209 Summary of conclusions- Board of Supervisors meeting on 20 September 2011 Reference PDF
119.95 KB
11/07/2019 ESMA41-137-1148 Svenska Handelsbanken AB- PUBLIC NOTICE Reference PDF
100.13 KB
11/07/2019 ESMA41-137-1151 Swedbank- PUBLIC NOTICE Reference PDF
100.89 KB
10/02/2022 ESMA 80-195-1352 Text mining ESG disclosures in rating agency press releases , , Reference PDF
403.58 KB
04/04/2016 2016/219 ToR CRA TC Reference PDF
204.41 KB
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.
 

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