Regulatory Alerts2024-12-18
Final Report on Technical Advice Regarding Revisions to Commission Delegated Regulation (EU) 447/2012 and Annex I of the CRA Regulation
The European Securities and Markets Authority (ESMA) issued this final report to transmit technical advice to the European Commission proposing amendments to Commission Delegated Regulation (EU) No 447/2012 and Annex I of the CRA Regulation. The revisions aim to enhance the traceability of Environmental, Social, and Governance (ESG) factor integration in credit rating methodologies and improve public disclosure regarding their relevance to individual credit ratings. Following a public consultation, ESMA adjusted its proposals to avoid overly prescriptive requirements, removed specific references to rating outlooks from certain articles, and clarified the definition of credit rating methodologies to maintain methodological independence.
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