Events listed in Credit Rating Agencies Regulation (CRAR)
[ESMA84-2037069784-2106 ] Report on CRA Market Share Calculation 2023
ID 26412
In order to enhance market competition among credit rating agencies (CRA) and to foster the use of smaller agencies for rating purposes, the European regulators developed Article 8d in the Credit Rating Agencies Regulation (CRAR). This article requires issuers or related third parties to „consider appointing at least one credit rating agency with no more than 10 % of the total market share“ in ...
[ESMA33-5-87] Q&A on the Implementation of the Regulation (EU) No 462 2013 On ...
ID 24216
ESMA has published a revised version of the Q&As relating to the CRAR. Specifically, ESMA has added one modified Q&A in Part III: Methodologies, models and key rating assumptions on Article 8(7) – Error reporting. We would like to present the 3 sub-questions in full, together with a summary of the corresponding answers: — ### Question 8 (a) **What types of errors should be ...
ESMA upgrades rating data repository and publishes latest data on CRA performance
ID 24106
ESMA has recently improved its CEREP and released the latest data on CRA performance. This dataset includes transition matrices and default rates and covers ratings data until December 2022. CEREP serves as a platform for investors to evaluate the reliability and performance of credit ratings from various CRAs, asset classes, regions, and timeframes. Updates to CEREP are made every six months, with reporting periods ...
[ESMA80-416-203 ] Guidelines on Disclosure Requirements for Initial Reviews and ...
ID 23645
Following the publication of the Final Report on „disclosure requirements of credit rating agencies (CRAs) for initial reviews and preliminary ratings“ back in January 2022, ESMA now published translations into the official EU languages on its website. To recall, in its consultation (please see EventID #11241 in this context), ESMA aimed to address the issue of “rating shopping“ which refers to the **engagement of ...
Compliance table on Guidelines on outsourcing to cloud service providers
ID 23289
Following the publication of the guidelines on outsourcing to cloud service providers which is applicable since 31 December 2022 for existing arrangements, and which has been in effect since 31 July 2021 for new or renewed arrangements, ESMA has published an updated version of the corresponding compliance table. The table sets out which member states comply or intend to comply with the guidelines and ...
ESMA withdraws the CRA registration of Scope Hamburg GmbH
ID 22532
ESMA has published a press release to announce that it has withdrawn the CRA registration of Scope Hamburg GmbH after the agency has expressly renounced its registration as a credit rating agency in accordance with Article 20(1)(a) of the CRAR. An updated list of currently registered/certified and de-registered/de-certified CRAs can be found HERE.
ESMA fines S&P €1.11 million for failures related to the premature release of ...
ID 22456
The European Securities and Markets Authority (ESMA) issued a public notice stating that it found S&P Global Ratings Europe Limited (S&P) negligently committed infringements of the CRA Regulation and imposed a fine of €1.11 million. Specifically, the Board of Supervisors found that S&P failed to have internal control mechanisms adequate to ensure compliance with its obligations regarding the timely disclosure of credit ratings. This ...