On 31 October 2022, the European Securities and Markets Authority (ESMA) published guidelines on the scope of the Credit Rating Agency (CRA) Regulation.
The purpose of the guidelines is to clarify the scope of the CRA Regulation, in particular the provisions concerning:
- Obligation to register.
- Credit rating activities and exemptions from registrations.
- Private credit ratings.
- Establishment of branches in third countries.
- Specific disclosure recommendations for credit scoring firms and CRAs established in third countries.
- Specific disclosure recommendations for credit scoring firms and CRAs established in third countries.
- Enforcement of the scope of the CRA Regulation and cooperation with national competent authorities.
