European Union:
EU Consultation On Revised Guidelines On Periodic Reporting By Credit Rating Agencies
07 August 2018
Shearman & Sterling LLP
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On July 19, 2018, the ESMA launched a consultation on proposed
revised Guidelines on periodic reporting by credit rating agencies.
Under the EU Credit Rating Agencies Regulation, ESMA is responsible
for direct supervision of EU CRAs registered with it. ESMA wishes
to update its existing Guidelines, first published in 2015, to
better reflect ESMA's supervisory powers and duties. In
particular, ESMA does not consider that the current approach of
determining reporting requirements according to supervisory fees
matches its risk-based approach to supervision. ESMA is proposing
to establish reporting categorizations for CRAs as well as
reporting calendars based on reporting categorization. Furthermore,
ESMA is proposing to standardize the reporting templates and to
provide additional reporting instructions.
The consultation closes on September 26, 2018. ESMA intends to
publish the Final Report on the Guidelines before the end of
2018.
The consultation is available at:
https://www.esma.europa.eu/press-news/esma-news/esma-consults-revising-cras%E2%80%99-periodic-reporting.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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