European Securities and Markets Authority Publishes Final Guidelines on Submission of Information by Credit Rating Agencies

The European Securities and Markets Authority has published its final guidelines on the periodic information that credit rating agencies should submit to ESMA. The guidelines amend the existing requirements that are intended to structure and specify more clearly the information that agencies should submit to ESMA to enable it to carry out its supervisory activities. The information submitted by CRAs also allows ESMA to calculate their supervisory fees and market share. In particular, the revised guidelines:
 

• Establish two separate reporting “calendars”, one for CRAs that ESMA has determined should comply with a higher level of supervisory reporting (as a result of the greater size, complexity or market penetration of these CRAs), and the other for CRAs that are entitled to provide a reduced level of supervisory reporting;
• Amend the reporting deadlines for various items to ensure they are aligned with CRAs’ internal processes;
• Require CRAs to submit information on their internal control monitoring, giving ESMA a clearer understanding of CRAs’ implementation of remedial actions; and
• Establish standardized reporting templates for specific reporting items.

The guidelines will become effective two months following their publication on ESMA’s website in all official languages.

View ESMA's final guidelines.
 
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