November 07, 2018

ESMA published responses received to the consultation on revised guidelines on the information to be periodically reported to ESMA by credit rating agencies (CRAs) for supervisory purposes. Comments period on the consultation had closed on September 26, 2018.

ESMA is revising its 2015 guidelines on periodic reporting by CRAs. In March 2015, ESMA had published its first set of guidelines on the periodic information that CRAs should submit to ESMA for the ongoing supervision. Since the introduction of the guidelines in 2015, the supervisory processes of ESMA have evolved and the timing, frequency, and format of the information submitted in accordance with the 2015 guidelines is no longer capable of supporting these supervisory processes efficiently and effectively.  The revised guidelines aim to achieve the following: 

  • Introduce a revised approach to determining a CRAs’ reporting obligations, that is based on ESMA’s internal risk assessment
  • Propose greater differentiation in the reporting frequencies for CRAs, to ensure more proportionate reporting requirements for different entities
  • Provide more specific reporting instructions for a number of existing reporting requirements, to improve the consistency of the information currently provided
  • Introduce a number of new periodic reporting requirements to support ESMA’s supervisory activities, to reduce the need for ESMA to submit ad-hoc requests for information
  • Introduce standardized reporting templates for a number of new and existing reporting requirements, to ensure a streamlined approach to reporting for CRAs and a higher level of usability of the information received

 

Related Link: Consultation Paper and Responses Received

Keywords: Europe, EU, Banking, Securities, CRA, Reporting, Guidelines, Responses to Consultation, Proportionality, ESMA

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