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    ESMA Withdraws Licenses of UK-Based CRAs and Trade Repositories

    January 04, 2021

    ESMA withdrew registration of several credit rating agencies and trade repositories for various reasons. ESMA also published the annual market share calculation for credit rating agencies registered in EU. The purpose of the market share calculation is to facilitate issuers and related third parties in their evaluation of a credit rating agency with no more than 10% total market share in EU. This calculation is required by the Credit Rating Agencies Regulation, with the aim of encouraging issuers and related third parties to appoint smaller credit rating agencies.

    ESMA withdrew the credit rating agency registration of INC Rating Sp. z o.o., as it has effectively stopped its rating services. ESMA also withdrew  Kroll Bond Rating Agency LLC’s ability to certify its credit ratings for use in EU. The withdrawal decision follows the official notification sent to ESMA by Kroll LLC on 23 July 2020 of its intention to renounce its ability to certify credit ratings for use in the EU under the conditions set out in Article 20(1)(a) of the CRA Regulation. Following the removal of Kroll LLC’s certification status, Kroll Bond Rating Agency EU will continue to issue credit ratings and will endorse some of the credit ratings of Kroll LLC for use in the EU. More recently, post Brexit, ESMA also withdrew the registrations of the following UK-based credit rating agencies and trade repositories:

    • The UK-based credit rating agencies whose registration was withdrawn include AM Best Europe-Rating Services Ltd, DBRS Ratings Ltd, Fitch Ratings Ltd, Fitch Ratings CIS Ltd, Moody’s Investors Service Ltd, and The Economist Intelligence Unit Ltd.
    • The UK-based trade repositories whose registration was withdrawn include DTCC Derivatives Repository Plc, UnaVista Limited, CME Trade Repository Ltd, and ICE Trade Vault Europe Ltd.

     

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    Keywords: Europe, EU, Banking, Securities, Credit Rating Agencies, CRA Regulation, Trade Repositories, Brexit, ESMA

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