Regulatory Alerts2022-10-28
Added · Updated
Guidelines on the Scope of the CRA Regulation
ESMA clarifies that credit rating agencies operating in the EU without registration are in breach of the CRA Regulation and must immediately apply for registration, while natural persons are ineligible to register. The guidelines define private credit ratings as those produced upon explicit order for a single recipient, limiting distribution to a maximum of 150 third parties on a confidential basis. Registered agencies establishing branches outside the Union must ensure important operational functions are not primarily located in third countries and must cooperate with ESMA inspections. ESMA enforces these rules by imposing periodic penalty payments and fines on agencies issuing ratings without registration or certification.
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