On 5 May 2026, the European Securities and Markets Authority published the official translations of its Guidelines on Internal Controls for Benchmark Administrators, Credit Rating Agencies (CRAs) and Market Transparency Infrastructures.

The Guidelines concern matters relating to the internal control structure and mechanisms necessary to ensure a:

  • Benchmark administrator’s effective compliance with Articles 4 to 10 of the Benchmarks Regulation.
  • CRAs’ effective compliance with Article 6(1),(2) and (4), Article 9 and Annex I, Section A, of Credit Rating Agencies Regulation.
  • Data reporting services provider’s effective compliance with Articles 27f, 27g, 27i of the Markets in Financial Instruments Regulation.
  • Trade repository’s or securitisation repository’s effective compliance with Articles 78 and 79 of the European Market Infrastructure Regulation.

The Guidelines apply from 1 October 2026. As of that date ESMA’s Guidelines on Internal Control for CRAs (ESMA33-9-371) are repealed.