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19 September 2011

ESMA(欧州証券市場機構)が信用格付け機関の規制基準の第一次草案を発行


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ESMA published for consultation its first set of proposed future Regulatory Technical Standards. The draft RTSs on credit rating agencies detail the information that CRAs would have to disclose and the rules they would have to comply with in order to fulfil the requirements of the CRA Regulation.


ESMA is seeking stakeholders’ views in respect of specific technical issues specified under Article 21 (4) of the CRA Regulation by October 21, 2011. The potential costs and benefits of the future standards will also be assessed by ESMA.

The ESMA Regulation entrusts the Authority with the elaboration of draft Regulatory Technical Standards. This task was given to ESMA in order to establish harmonised standards in financial services, a single rulebook, to ensure a level playing field and adequate protection of investors and consumers across the Union.

Following the consultation, ESMA will send the final draft standards to the European Commission by 2 January 2012. The Commission, by means of delegated acts, then needs to decide on the endorsement of the standards and hence give them binding legal effect.

The proposals of draft RTS published in ESMA’s consultation paper cover the following technical areas of conduct for CRAs:

  1. The information to be provided by a CRA in its application for registration and certification, and for the assessment of the systemic importance to the financial stability or integrity of financial markets (ESMA/2011/302);
  2. The presentation of the information, including structure, format, method and period of reporting that a CRA must disclose (ESMA/2011/304);
  3. The assessment of compliance of CRAs with the requirements set out in Article 8(3) on the credit rating methodologies (ESMA/2011/303); and
  4. The content and format of ratings data to be requested from CRAs as part of their periodic reporting for the purpose of the on-going supervision by ESMA (ESMA/2011/305).

Next steps

In light of the comments received from respondents by the deadline of 21 October 2011, ESMA expects to publish a final report by the end of 2011. In accordance with the ESMA Regulation and the CRA Regulation, those draft RTSs should be endorsed by the Commission to give them binding legal effect.

Press release



© ESMA


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