Regulatory Alerts2021-03-10
Added · Updated
Guidelines on Internal Control for CRAs
These guidelines establish ESMA's expectations for the internal control framework and functions of credit rating agencies registered with ESMA, requiring compliance with Article 6 of the CRA Regulation. They mandate specific components including a control environment, risk management, control activities, information and communication, and monitoring activities, alongside dedicated compliance, review, risk management, and information security functions. The guidelines apply from 1 July 2021 and require CRAs to demonstrate that their policies and procedures achieve these objectives, with ESMA calibrating expectations based on the nature, scale, and complexity of each agency.
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