On 30 September 2021, the European Securities and Markets Authority (ESMA) published an opinion that explains the reasons why users of credit ratings rely on unregulated, fee bearing sources of credit ratings and related information in order to meet their regulatory reporting obligations rather than using the credit ratings disclosed on credit rating agencies (CRAs) websites or on the European Rating Platform in accordance with the CRA Regulation. It then recommends that legislative changes are necessary in order to improve access to and use of credit ratings in the EU.

The opinion has been prepared by ESMA of its own initiative and submitted to the EU institutions for consideration by the legislators. The opinion is the culmination of ESMA’s thematic work on fees charged by CRAs and accessibility and use of credit ratings. It draws on the findings of ESMA’s 2018 thematic report, 2019 follow-up report and 2020 call for evidence.