Steven Maijoor, ESMA Chair, said: “The new requirements introduced by the CRA3 Regulation aim to build on, and enhance, the transparency of credit rating agencies and the market for credit ratings already introduced in the earlier CRA regulatory reforms.
“This enhanced transparency in relation to structured finance instruments, CRAs’ fees and the availability of up-to-date ratings information, will improve the information available to investors and supervisors. This should in turn facilitate the further reduction of conflicts of interest, improved investor protection and market stability, and greater competition between CRAs."
Draft RTS on Information on Structured Finance Instruments
The draft RTS aims to facilitate the provision of adequate information on SFIs, and their underlying assets, to investors, in order to improve their ability to make informed assessments on the creditworthiness of SFIs, reduce reliance on external credit ratings, promote competition between CRAs and facilitate the assignment of unsolicited credit ratings.
Users and producers of credit ratings and anybody involved in the issuance of structured finance instruments (issuers, originators and sponsors) or interested in the up-to-date individual rating data or in competition in the credit market should read the Consultation Paper on CRA3 Implementation. This includes institutional and retail investors, investment firms, asset management firms, issuers of any kind of debt, central banks, supervisory bodies but also academics and any stakeholder engaged in SFI activities.
Press release
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Consultation
See also: ESMA-2014 Regulatory Work Programme
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