Consultation on ESMA's Draft Regulatory Technical Standards on the content and format of ratings data periodic reporting to be submitted from credit rating agencies

The reason for requiring periodic reporting of ratings data from credit rating agencies is to enable ESMA to use this data as a basis for its supervisory reviews and, in general, to support the tasks that ESMA shall carry out in order to discharge its obligations under the Regulation.
The availability of periodic data on ratings would allow ESMA to conduct effective ongoing oversight of the rating activities performed by the CRAs, and to carry out detailed and focused preliminary assessments before undertaking more intrusive investigatory or supervisory action. This should improve the efficiency, effectiveness and timeliness of the intervention from ESMA, enhancing the quality of supervision.
Section I of this document provides background information on the open public consultation that is carried out by means of this Consultation Paper.
Section II presents a general description of the ratings data that ESMA intends to collect from credit rating agencies through the periodic reporting requirements.
Section III of the Consultation Paper sets forth the questions and issues that ESMA would like interested parties to consider.
Annex I contains the Impact Assessment concerning the two options for the reporting requirements applicable to CRAs which have been formulated by ESMA in the course of its preliminary analysis and that have been presented to the public via the Call for Evidence published on 26 May 2011 ("Call for Evidence on the ratings data periodic reporting requirements for CRAs", Ref. ESMA/2011/156).
Annex II to this Consultation Paper contains the full text of the draft Regulatory Technical Standards (