Regulatory Alerts2019-05-20
Added · Updated
Guidelines on the application of the endorsement regime for CRAs
These guidelines update the application of the endorsement regime under Article 4(3) of the Credit Rating Agencies Regulation for EU credit rating agencies endorsing ratings from third-country agencies. They establish initial conditions requiring ESMA assessments before endorsement begins and define ongoing obligations, including the verification that third-country agencies meet requirements at least as stringent as Articles 6-12 and Annex I of CRAR. The document specifies monitoring measures, notification duties for non-compliance, and acceptable alternative internal requirements for specific provisions such as staff rotation, error reporting, and transparency.
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