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How has the European Securities and Markets Authority’s (ESMA’s) supervision and regulation of credit rating agencies (CRAs) and trade repositories (TRs) developed and what is its likely future trajectory? Ewa Herman, an expert on European law, examines the future of CRAs and TRs in light if ESMA’s annual report.
On 16 February 2015, ESMA published its annual report and work plan for the direct supervision of CRAs and TRs. The report presents key elements of ESMA’s risk-based supervisory focal points in 2014 followed by the main priorities foreseen for 2015 towards an effective oversight of the supervised entities, improved regulatory standards and efficient risk analysis.
The report provides an overview of ESMA’s activities in 2014 as single supervisor of CRAs according to Regulation (EC) 1060/2009 (the CRA Regulation). In particular it:
In regard to TRs, the report emphasises ESMA’s direct and exclusive supervision accomplishments under Regulation (EU) 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR).
In the course of 2014, ESMA published relevant draft RTS on three key matters related to CRAs:
On 16 July 2014, ESMA issued a consultation paper on the periodic information to be submitted by CRAs to ESMA in order to ensure their efficient supervision based on high quality, relevant and timely data (see News 16/07/2014 132). After a public hearing on 15 October 2014, and a consultation which closed on 31 October 2014, the new guidelines are scheduled to be published in 2015. Moreover, 2014 reflected ESMA’s interpretation of the prior CRA Regulation amendments—introduced by Regulation (EU) 462/2013—included in the set of Q&As published by ESMA on 17 December 2013.
Based on provisions of EMIR, ESMA conducts the registration, supervision and recognition of
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1.Banking and finance lawyer with experience in derivatives, debt capital markets, securitisation and structured finance in London and Paris
2.Likes ballet, playing the harp and holidays
3.Thinks the law is always changing!
Emma trained and qualified at Allen & Overy LLP and worked in their derivatives and structured finance teams in London and Paris. She then joined the foreign exchange prime brokerage legal team at Deutsche Bank before spending 4 ½ years with Crédit Agricole CIB advising the fixed income and derivatives desk.
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