On 16 April 2026, the European Securities and Markets Authority (ESMA) issued a call for evidence on restricted subscription and private credit ratings against the background of Regulation (EC) No 1060/2009 on credit rating agencies (CRA Regulation).
The use of restricted subscription and private credit ratings has been increasing in recent years and as such questions have been raised about the purposes and market needs these products are intended to serve; how they are produced, distributed and used in practice; and the potential benefits and risks associated with selective access to rating information.
The call for evidence aims to collect views, data and analysis from stakeholders on:
- The characteristics and use cases of restricted subscription and private credit ratings, including their benefits compared with public credit ratings.
- The prevalence of restricted subscription and private credit ratings, respectively, within the product offerings of different credit rating agencies and across asset classes.
- The characteristics of the parties who are contracting for restricted subscription and private credit ratings and those to whom they are disclosed or distributed.
- Evidence on whether, and to what extent, the analytical processes, governance arrangements, and internal controls applied to restricted subscription and private credit ratings are comparable to those applied to publicly disclosed ratings.
- Evidence on how the more limited transparency and distribution of restricted subscription and private credit ratings may affect diligence and market discipline.
- The growing role of restricted subscription and private credit ratings in the financial landscape.
Next steps
The deadline for comments on the call for evidence is 31 May 2026.
ESMA will review the responses received in Q2 2026 with a view to assessing whether specific regulatory adjustments or clarifications may be needed to enhance clarity on the application of the CRA Regulation.