ESMA published the responses received to its consultation on update of the guidelines on the application of the endorsement regime under Article 4(3) of the Credit Rating Agencies (CRA) Regulation. The consultation period was from April 04, 2017 to July 03, 2017.
ESMA, in April 2017, had proposed updated guidelines on the application of the endorsement regime under the CRA Regulation. The paper sets out a number of changes and clarifications to the existing guidelines focusing on the obligations of the endorsing CRA and ESMA’s supervisory powers over endorsed credit ratings. Endorsement is a regime under the CRA Regulation, which allows credit ratings issued by a third-country CRA and endorsed by an EU CRA to be used for regulatory purposes in the EU. A credit rating that has been endorsed is considered to have been issued by the endorsing EU CRA. The endorsement regime is available for CRAs of systemic importance with global networks of affiliates. The revised guidelines are expected to be published in the fourth quarter.
Related Link: Consultation and Responses
Keywords: Europe, EU, Securities, CRA, Third Country Ratings, Endorsement Regime, Guidelines, ESMA
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