Consultation on ESMA’s draft RTS on the presentation of the information that credit rating agencies are to disclose

28 October 2011

The purpose of this central repository (CEREP) is to improve transparency and to contribute to the protection of investors by providing information on the past performance of credit rating agencies and about credit ratings issued in the past.

In order to enable ESMA to compile the necessary information on certain activities and historical performance measures of credit rating agencies, it is necessary to specify the technical details of the credit rating agencies’ reporting requirements. This is being done in this Consultation Paper.

• Section II of the Consultation Paper outlines the basic features of the CEREP and the main reporting features. It also reports on the already very advanced status of this technical system. This is to give readers some background to understand better the draft Technical Regulatory Standards.
• Annex I to this Consultation Paper contains some questions ESMA would like the interested parties to consider.
• Annex II to this Consultation Paper presents the legislative mandate to develop technical standards.
• The full text of the draft Regulatory Technical Standards as the main part of this Consultation Paper is to be found in Annex III. They specify the general provisions as well as the format, the method and the period of reporting.
• Attached as annexes to the draft Regulatory Technical Standards are several tables which list and specify the fields which have to be used for reporting.

Based on the feedback to this consultation, ESMA will review its draft Technical Regulatory Standards. ESMA will publish both the opinion received from the Securities and Markets Stakeholder Group and its own feedback statement, thereby summarising the comments it received and the conclusions it drew.

Press release and responses

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