The European Securities and Markets Authority (ESMA) has published a Consultation Paper on draft guidelines on periodic information submitted to it by credit rating agencies (CRAs) which better reflect ESMA’s view of the keys risks in the sector.
The draft guidelines cover:
- information to be contained in periodic submissions;
- notifications of material changes to the initial conditions for registration;
- calculation of the supervisory fee; and
- CRA market share calculation.
The deadline for responses is 31 October 2014. ESMA intends to publish a final report and guidelines and recommendations by Q1 2015.