The European Securities and Markets Authority (ESMA) has published its annual report on its supervision of credit rating agencies (CRAs) and trade repositories (TRs).

The report sets out ESMA’s core activities during 2014 and its main supervisory priorities for 2015. With regards to the supervision of CRAs in 2015, ESMA will seek to better understand the influence of the CRAs’ governance, risk management, internal decision making processes and business development processes on the process of issuing credit ratings. With regards to TRs, key priorities for 2015 include thematic reviews into the inter-TR reconciliation process, business continuity planning and the cost relatedness of TRs’ fees, as well as individual reviews and investigations into the TR systems software development lifecycle, data availability and regulators’ access to TRs.

View ESMA supervision of Credit Rating Agencies and Trade Repositories, 16 February 2016