General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
February 08, 2018

ESMA published the annual report for 2017 and the work program for 2018. The annual report details supervisory activities and achievements of ESMA in 2017. The work program sets out key supervisory activities for credit rating agencies (CRAs), trade repositories, and third-country central counterparties (CCPs) in the EU.

Supervisory priorities for 2018. ESMA will prioritize supervision on the quality of the credit rating process, including validation practices of CRAs and the quality of data reported by trade repositories. ESMA will continue to focus on information technology and internal control, in addition to governance structures and management quality. Common themes in the supervision of both trade repositories and CRAs on which ESMA will perform further work include Brexit, fees charged by CRAs and trade repositories, cloud computing, and preparation of guidelines for periodic information. The work on Brexit will be a key focus for ESMA in 2018. By the end of the year, all supervised entities should be ready if the UK leaves EU under a cliff-edge scenario. The priority areas for the supervision of third-country CCPs include the assessment of 15 pending applications for recognition as third-country CCPs and monitoring of the potential risks third-country CCPs might import into EU. ESMA will also monitor the impact of Brexit on the third-country CCP regime. 

Supervisory activities and achievements during 2017. ESMA delivered a number of concrete results in 2017. ESMA launched investigations into the system development lifecycle of a trade repository and access to trade repository data by the national competent authorities. Further investigations were also conducted on changes of analytical approach, rigorousness of CRA methodologies, interactions between CRAs and issuers, and the issuance process of structured finance ratings. The number of ESMA-supervised entities grew in 2017 while the number of ESMA-supervised CRAs remained unchanged, following the registration pf one new CRA and the withdrawal of another. Other important achievements included:

  • Work on fees charged by CRAs and trade repositories, which resulted in the publication of a thematic report at the beginning of January 2018
  • Thematic review following the publication of the guidelines on validation
  • Publication of the endorsement guidelines for CRAs
  • Guidelines on portability for trade repositories
  • Q&As on CRAs and trade repositories
  • Improvements in the quality of data reported by trade repositories as a result of the Data Quality Action Plan of ESMA


Related Links

Keywords: Europe, EU, Securities, Work Program 2018, Annual Report, CRA, Third-Country CCPs, Trade Repositories, ESMA

Related Insights

BCBS Finds Liquidity Risk Management Principles Remain Fit for Purpose

BCBS completed a review of its 2008 Principles for sound liquidity risk management and supervision. The review confirmed that the principles remain fit for purpose.

January 17, 2019 WebPage Regulatory News

HKMA Urges Local Banks to Start Working on FRTB Implementation

HKMA announced that it plans to issue a consultation paper on the new market risk standard in the second quarter of 2019.

January 17, 2019 WebPage Regulatory News

EBA Finalizes Guidelines for High-Risk Exposures Under CRR

EBA published the final guidelines on the specification of types of exposures to be associated with high risk under the Capital Requirements Regulation (CRR). The guidelines are intended to facilitate a higher degree of comparability in terms of the current practices in identifying high-risk exposures.

January 17, 2019 WebPage Regulatory News

MAS Guidelines on Risk Mitigation Requirements for OTC Derivatives

MAS published guidelines on risk mitigation requirements for non-centrally cleared over-the-counter (OTC) derivatives contracts.

January 17, 2019 WebPage Regulatory News

BoE Publishes the Schedule for Statistical Reporting for 2019

BoE published the updated schedule for statistical reporting for 2019. The reporting institutions use the online statistical data application (OSCA) to submit statistical data to BoE.

January 16, 2019 WebPage Regulatory News

PRA Delays Final Direction on Reporting of Private Securitizations

PRA and FCA have delayed the issuance of final direction, including the final template, on reporting of private securitizations, from January 15, 2019 to the end of January 2019.

January 15, 2019 WebPage Regulatory News

SNB Updates Forms on Supervisory Reporting for Banks

SNB published Version 1.7 of reporting forms (AUR_U, AUR_UEA, AUR_UES, AURH_U, AUR_K, AUR_KEA, and AURH_K) and the related documentation for supervisory reporting on an individual and consolidated basis.

January 15, 2019 WebPage Regulatory News

BCBS Finalizes Market Risk Capital Framework and Work Program for 2019

BCBS published the final framework for market risk capital requirements and its work program for 2019. Also published was an explanatory note to provide a non-technical description of the overall market risk framework, the changes that have been incorporated into in this version of the framework and impact of the framework.

January 14, 2019 WebPage Regulatory News

EBA Single Rulebook Q&A: First Update for January 2019

EBA published answers to 13 questions under the Single Rulebook question and answer (Q&A) updates for this week.

January 11, 2019 WebPage Regulatory News

PRA Proposes to Amend Supervisory Statement on Credit Risk Mitigation

PRA published the consultation paper CP1/19 that is proposing changes to the supervisory statement (SS17/13) on credit risk mitigation.

January 10, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2473