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
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
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
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
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
News

FASB Issues Q&A on Estimating Credit Loss Reserves

FASB issued a question-and-answer (Q&A) document that addresses particular issues related to the weighted average remaining maturity (WARM) method for estimating the allowance for credit losses.

January 10, 2019 WebPage Regulatory News
News

FED Updates Reporting and Supplemental Instructions for Form FR Y-9C

FED published the updated reporting instructions and supplemental instructions for the FR Y-9C reporting form. The reporting frequency for FR Y-9C is quarterly, as of the last calendar day of the quarter.

January 09, 2019 WebPage Regulatory News
News

PRA Updates Policy on Liquidity Reporting Under FSA047/048 and PRA110

PRA published the policy statement PS1/19 that provides feedback to responses to the consultation paper CP22/18 titled "Liquidity reporting: FSA047 and FSA048" and the proposal in CP16/18, which intended to correct the level of consolidation of the PRA110 reporting requirements.

January 08, 2019 WebPage Regulatory News
News

FED Proposes to Amend Company-Run Stress Testing Requirements

FED proposed to modify company-run stress testing requirements to conform with the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.

January 08, 2019 WebPage Regulatory News
News

ESMA RTS on Supervisory Cooperation Under Securitization Regulation

ESMA issued the final regulatory technical standards (RTS) for cooperation between competent authorities and ESAs under the Securitization Regulation (2017/2402).

January 08, 2019 WebPage Regulatory News
News

ESAs Publish Joint Report on Regulatory Sandboxes and Innovation Hubs

ESAs published a joint report providing a comparative analysis of the innovation facilitators (that is, regulatory sandboxes and innovation hubs) established to date within the EU.

January 07, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2461