ESMA final guidelines on the internal control framework for BMAs, CRAs and MTIs

The European Securities Markets Authority (ESMA) has published a final report with guidelines on internal controls applicable to benchmark administrators (BMAs), credit rating agencies (CRA) and market transparency infrastructures (MTIs), which include trade repositories, data reporting services providers and securitisation repositories. The guidelines repeal and replace previous CRA-specific internal control guidance, extend coverage to BMAs and MTI and update expectations to address technology-related risks and integration of new technologies. Following feedback on the December 2024 consultation, ESMA confirms that no substantive changes were made to the draft, apart from clarifications on scope, proportionality and governance terminology. The guidelines apply from 1 October.

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