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EACRA response to ESMA consultation on Revision to Guidelines and Recommendations on the Scope of the CRA Regulation

Dear ESMA, With reference to the above consultation paper dated January 28th, 2022, we are pleased to hereby submit the views of our association. In addition, individual EACRA Members may, in accordance with the EACRA Rules of Procedure, submit separate responses to you. The consultation paper mentions several times that the developments in the private […]

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Position papers

EACRA Position on European Single Access Point (ESAP) for financial and non-financial information

On November 25th, 2021, the European Commission tabled the Capital Markets Union Package[1], which includes amongst others a legislative proposal aiming at establishing the European Single Access Point (“ESAP”) for financial and non-financial information[2]. We note that ESAP is expected to have a very extensive scope, as it should cover 21 EU Regulations and 16 […]

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EACRA response to S&P Request for Comment on Insurer Risk-based Capital Adequacy – Methodology and Assumptions – Rating input: CRA Mapping

Dear S&P Global Ratings, With reference to your above Request for Comment dated December 6th, 2021[1], we are pleased to hereby submit the views of our association for your kind consideration. Before providing our views, we would like to recall the important principle of “non-interference with content of ratings or methodologies” as clearly stated in […]

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EACRA suspends the membership of Russia based Analytical Credit Rating Agency

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Position papers

EACRA Response to EC’s SME Listing Act consultation

Dear European Commission, EACRA welcomes the above consultation paper as well as the very detailed set of questions in the targeted consultation.   One of the main objectives of the capital markets union action plan “is to ensure that companies, and in particular small and medium-sized enterprises (SMEs), have unimpeded access to the most suitable […]

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Public View

Public statement on EC banking package

EACRA welcomes the European Commissions proposed Banking package implementing the Basel III reform in Europe. In our view, the ECs overall approach corresponds to a faithful implementation of the globally agreed banking standards taking into account European specificities and the target to contain capital increases on banks. We believe that the proposed timetable (with an […]

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Position papers

EACRA response to ESMA Consultation on Guidelines on Disclosure Requirements for Initial Reviews and Preliminary Ratings

In this response letter, we are providing responses to all questions raised to CRAs. We hope that our views and comments will assist ESMA in developing a final guideline leading to a common and shared understanding between ESMA and all CRAs to the benefit of all stakeholders, including issuers and investors alike.

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Position papers

EACRA response to ESMA consultation on CRA supervisory fees

ESMA proposes a number of changes to the current Delegated Regulation on CRA Supervisory fees, the key elements being: 1) the introduction of a flat annual supervisory of EUR 20.000 for CRAs with aturnover between EUR 1 and 10 mln. 2) the calculation of fees based on total turnover. 3) the introduction of an endorsement […]

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Position papers

EACRA comments on ESRB Chair letter on procyclical impact of downgrades

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Board News

EACRA elects a new Board

The European Association of Credit Rating Agencies (EACRA) is pleased to announce the election of its new Board. The Board elections took place on 17 November 2020 during the virtual EACRA General Assembly. The new Board members are: Michela Stefanini, Compliance and Risk Officer at Cerved Rating AgencyNick Charteris Black, Managing Director at AM Best […]