Official translations of ESMA guidelines on internal controls for BMAs, CRAs and MTIs

The European Securities and Markets Authority (ESMA) has published official translations of its final guidelines on internal controls for benchmark administrators (BMAs), credit rating agencies (CRAs) and market transparency infrastructures (MTIs), which include trade repositories, data reporting services providers and securitisation repositories. They repeal and replace ESMA's previous CRA-specific internal control guidance, extend coverage to BMAs and MTIs, and update expectations to address technology-related risks and integration of new technologies. The final report was initially published by ESMA in December 2025. The guidelines will apply from 1 October.

Return to main website.