On 20 May 2019, the European Securities and Markets Authority (ESMA) published the official translations of its consolidated guidelines on the application of the endorsement regime under Article 4(3) of the Credit Rating Agencies (CRA) Regulation.

The guidelines concern particular matters relating to credit ratings issued in third countries and endorsed pursuant to Article 4(3) of the CRA Regulation. The guidelines add a new section (Section 5.3) to the “Guidelines on the application of the endorsement regime under Article 4(3) of the CRA Regulation” published by ESMA on 17 November 2017.

The guidelines apply to credit ratings issued on or after 1 January 2019 and to existing credit ratings reviewed after that date.

The guidelines are issued pursuant to Article 16 of the ESMA Regulation and Article 21(3) of the CRA Regulation. In accordance with Article 16(3) of the ESMA Regulation, CRAs must make every effort to comply with the guidelines.