Regulatory Alerts2021-09-30
Opinion on improving access to and use of credit ratings in the European Union
The European Securities and Markets Authority issued this opinion to address critical barriers preventing market participants from using free credit ratings for regulatory reporting. ESMA found that users rely on unregulated, fee-bearing sources because ratings on CRA websites and the European Rating Platform lack machine-readable formats and bulk download capabilities. The document recommends legislative changes to the CRA Regulation to ensure ratings are accessible in usable formats and to reduce dependence on affiliated entities.
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