argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: ESMA - Public Consultation - CRAs

On January 28th, 2022, the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, issued a public consultation on a revision to its Guidelines and Recommendations on the Scope of the CRA Regulation. Specifically, ESMA aims at modifying paragraphs 14 and 15 of the above-mentioned Guidelines that concern the exemptions for private ratings under the CRA Regulation with the objective of creating more clarity on the matter and help all the subject involved in the understanding of the document. In particular, the discussion on private credit ratings revolved around the interpretation of the terms “produced pursuant to an individual order” and “provided exclusively to the person who placed the order”, the restrictions on sharing a private credit rating with a “limited number of third parties” and how to monitor the distribution of private credit ratings by the ratings producer. The closing date for the consultation is set on March 11th, 2022 and following their analysis ESMA will issue a new report.