ESMA_QA_902
05/05/2021
Subject Matter
Credit rating disclosure in prospectuses
Original question
Does Article 4(1) of the CRA Regulation apply to any credit rating mentioned in a prospectus?
ESMA Answer
05-05-2021
Original language
[ESMA 31-62-1258 Prospectuses Q&A 14.13]
Yes, it does.
In accordance with Article 4(1) of the CRA Regulation, whenever a credit rating is included in a prospectus, regardless of whether it is included pursuant to Commission Delegated Regulation 2019/980[1], prominent and clear information should be provided to state whether or not the credit rating is issued by a credit rating agency established in the Union and registered as per the CRA Regulation.
[1] For example, pursuant to item 4.1.6 of Annex 6.
Status: Answer Published
Additional Information
Level 1 Regulation
Prospectus Regulation 2017/1129
Topic
Public offer