ESMA has published the 2023 edition of the report.

This report provides an in-depth overview of the total market share held by UK-registered credit rating agencies in 2022.

ESMA has updated its Q&A document.

FCA has published its report on credit rating agencies in the UK. This is its first annual report under the CRA Regulation and uses revenue data from the end of December 2021.

ESMA’s report provides additional clarification to paragraphs 14 and 15 of ESMA’s 2013 guidelines.

The SI contains a range of measures to address deficiencies in retained EU law by: (i) remedying the territorial application of the PSRs to require a small payment institution applicant to demonstrate that where it has “close links” with a person outside the UK that there is nothing which would impede FCA’s effective supervision of the applicant in question; (ii) expanding the scope of TRR to allow overseas CCPs within it to offer new products into the UK; (iii) clarifying the gateway in the retained CRR which allows FCA to share information with BoE, PRA and third country regulatory authorities; (iv) extending the temporary recognition STS securitisations to the end of 2024; (v) extending the TPP for the purposes of modifying the application of the share trading obligation and derivatives trading obligation.

Further to its July 2021 consultation, HMT has published this response document. The Government intends to design and put in place an SMCR for CCPs and CSDs and wishes to have the option to extend the SMCR to certain other systemic financial services entities in the future (credit rating agencies and recognised investment exchanges) should it decide to do so, and following further specific consultation on that issue. The Government will legislate to create a new SMCR “gateway”, when parliamentary time allows, which will enable HMT to lay statutory instruments to apply the SMCR to CCPs, CSDs, and, in the future, potentially to RIEs and/or CRAs. The Government intends to legislate to implement an SM&CR for recognised payment systems and specified service providers. However, this will be taken forward separately to the creation of this gateway, and to a different, longer timeframe. This is to account for a forthcoming review of the regulatory perimeter for systemic firms in payments chains regulated by BoE. At this time, the Government does not plan to launch any further consultations on the underlying framework for the SMCR. The Government will set out further details of its plans to implement the SMCR for CCPs and CSDs in due course.

Text of this speech given by Verena Ross on 17 March 2022 follows in which she discusses corporate reporting and the supervision of credit rating agencies.

ESMA, in coordination with National Competent Authorities, is closely monitoring the impact of the Ukraine crisis on financial markets and is prepared to use its relevant tools to ensure the orderly functioning of markets, financial stability and investor protection. This is part of the EU's overall response to the consequences of the conflict in Ukraine. ESMA outlines below its specific supervisory and coordination activity, as well as recommendations to financial market participants.

FCA has sent its first portfolio letter for credit rating agencies, which sets out its expectations with regard to various supervisory priorities, including ratings process and methodology; governance and oversight; market and perimeter risk; operational resilience and resourcing.