Canada and South Africa continue to meet requirements for endorsement
The European Securities and Markets Authority (ESMA) has today issued an update stating that the legal and supervisory frameworks of Canada and South Africa will continue to meet the requirements for endorsement under CRA Regulation (CRAR) from June 2018.
In November 2017, ESMA published an updated methodological framework for the endorsement of credit ratings in its Guidelines on Endorsement. This new methodological framework incorporated the requirements introduced by CRA 3 that are due to enter into force for the purposes of endorsement from 1 June 2018.
Following an assessment based on this new methodological framework, ESMA finds that the legal and supervisory frameworks of Canada and South Africa will continue to meet the requirements for endorsement under CRAR from 1 June 2018.
As a result, there will be no disruption to EU registered credit rating agencies’ ability to endorse credit ratings from these jurisdictions following the entry into force of the new requirements.
For the full list of all countries that are eligible for the purposes of endorsement under CRAR please visit the following section of ESMA’s website.