ESMA currently directly supervises eight TRs and 27 CRAs. It also carries responsibility for four certified CRAs and 32 TC-CCPs.
For CRAs and TRs in the EU, ESMA uses a risk-based approach to establish its annual Supervision Work Programme, considering the main developments per industry and per registered entity. For 2019, the supervisory priorities will include:
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TR data quality and access by public authorities;
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TR business continuity planning, IT process and system reliability, and information security function;
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CRA portfolio risk and quality of the rating process;
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CRA Cybersecurity;
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Recognition of UK CCPs in a no-deal Brexit scenario; and
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Assessing the pending applications for recognition as TC-CCPs (19) and TC-CSDs, including risk monitoring.
In addition, there are areas where common issues exist across TRs and CRAs on which ESMA will perform further work including Brexit, fees charged by CRAs and TRs, the effectiveness of internal control systems, and the use of new technologies.
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