Regulatory Alerts2025-12-18
Final report on guidelines on internal controls for benchmark administrators, credit rating agencies and market transparency infrastructures
The European Securities and Markets Authority (ESMA) issued final guidelines establishing comprehensive internal control requirements for benchmark administrators, credit rating agencies, and market transparency infrastructures. These guidelines replace previous credit rating agency-specific rules and introduce updated expectations regarding technology risk, artificial intelligence governance, and alignment with the Digital Operational Resilience Act. The guidelines become effective on 1 October 2026 and apply proportionally based on the nature, scale, and complexity of the supervised entities.
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