Consulation on Disclosure Requirements Applicable to Credit Ratings

Consulation on Disclosure Requirements Applicable to Credit Ratings

from 19 December 2018 to 19 March 2019


Responding to this paper 

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex III. Comments are most helpful if they:   

  • respond to the question stated;   
  • indicate the specific question to which the comment relates;   
  • contain a clear rationale; and   
  • describe any alternatives ESMA should consider.  

ESMA will consider all comments received by 19 March 2019.    

All contributions should be submitted online at under the heading ‘Your input - Consultations’.  

Publication of responses   

All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman. 

The collection of confidential responses is without prejudice to the scope of Regulation (EC) No 1049/20011. Possible requests for access to documents will be dealt in compliance with the requirements and obligations laid down in Regulation (EC) No 1049/2001.  

Data protection 

Information on data protection can be found at under the heading Data Protection. 

Who should read this paper   

This paper may be of interest to users of credit ratings, credit rating agencies and entities interested in applying to be a registered CRA. 

A video recording of ESMA’s hearing on ‘Measures to promote sustainability in EU capital markets’ is available on ESMA’s YouTube account


Document available for this Consultation
19/12/2018ESMA 33-9-290 Consulation Paper on Disclosure Requirements Applicable to Credit Ratings


Activity Institution Download
Asset Management BlueBay Asset Management
Asset Management Caisse Des Depots Group
Banking European Savings and Retail Banking Group (ESBG)
Credit Rating Agencies Rating-Agentur Expert RA GmbH
Credit Rating Agencies A.M. Best
Credit Rating Agencies Beyond Ratings
Credit Rating Agencies Moody's Investors Service Ltd.
Credit Rating Agencies European Association of Credit Rating Agencies ("EACRA")
Credit Rating Agencies Spread Research
Credit Rating Agencies Fitch Ratings
Credit Rating Agencies Kroll Bond Rating Agency
Credit Rating Agencies Scope Ratings GmbH
Credit Rating Agencies S&P Global Ratings
Individuals Green Planet Consulting Ltd.
Investment Services Eumedion
Others Global Warning
Others Finance Watch
Others PRI