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    ESMA on Availability and Use of Credit Rating Information and Data

    March 30, 2020

    ESMA published a Call for Evidence on the availability and use of credit rating information and data. The purpose of this Call for Evidence is to gather information on the specific uses of credit ratings as well as on how the users of credit ratings are accessing this information. Feedback to this call for evidence will enable ESMA to map the principal activities (regulatory and otherwise) undertaken by various types of users of credit ratings. Based on the feedback, ESMA will publish a report describing the current disclosure practices of credit rating agencies, including via third-party data service providers, as well as the consumption patterns of rating users. The call for evidence is open until August 03, 2020.

    The Credit Rating Agencies Regulation (or CRA Regulation) aims to ensure that credit ratings used in EU are independent, objective, and of adequate quality. The CRA Regulation, among other measures, requires that only credit ratings that are issued by registered rating agencies or endorsed in accordance with the CRA Regulation can be used for regulatory purposes in EU, such as for the calculation of capital requirements. However, credit ratings are used for many other purposes or activities. With this Call for Evidence, ESMA aims to map the principal activities (regulatory and otherwise) undertaken by various types of users in which credit ratings are required as an input. ESMA aims for each activity, such as risk management, market research, and regulatory reporting, to identify users’ specific rating data needs (for example, format, frequency, scope, and downloadability) and how these needs correspond with the information that is provided on the European Rating Platform and on the public websites of the credit rating agencies. The Call for Evidence also aims to understand why users choose to subscribe to third-party data fee service providers instead of relying on the information published free of charge on the websites of European Rating Platform and credit rating agencies.

     

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    Comment Due Date: August 03, 2020

    Keywords: Europe, EU, Banking, Securities, Call for Evidence, European Rating Platform, CRA Regulation, CRAs, Credit Rating Agencies, ESMA

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