Version in force , Modified +1,875 −197§
Amended by Regulation (EU) No 462/2013 32013R0462 on EUR-Lex (external, EUR-Lex)
dates added to the text: 2014-06-21, 2015-06-21 · dates removed: 2012-01-01, 2012-01-02
Explanation, written by a model and checked against the cited text
Paragraph 4 no longer sets a 2 January 2012 deadline for submitting draft regulatory technical standards to the Commission but instead directs ESMA to submit them by 21 June 2014, and point (e) now refers to registered and certified credit rating agencies rather than simply credit rating agencies.
Two new paragraphs, 4a and 4b, have been added requiring ESMA to develop further draft regulatory technical standards on disclosure and fee reporting by 21 June 2014, and to report on possible credit rating mappings to the Commission by 21 June 2015, with consultation of EBA and EIOPA on parts of that report.
Paragraph 5 removes the 1 January 2012 date for the first annual report and adds a requirement that the report also assess the application of the endorsement mechanism referred to in Article 4(3).
Cited: Art. 21, v1 (external, EUR-Lex) · Art. 21, v2 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 21 July 2011 02009R1060-20110721 → this version, in force 20 June 2013 02009R1060-20130620
Article 21
ESMA
1.
Without prejudice to Article 25a, ESMA shall ensure that this Regulation is applied.
2.
In accordance with Article 16 of Regulation (EU) No 1095/2010, ESMA shall issue and update guidelines on the cooperation between ESMA, the competent authorities and the sectoral competent authorities for the purposes of this Regulation and for those of the relevant sectoral legislation, including the procedures and detailed conditions relating to the delegation of tasks.
3.
In accordance with Article 16 of Regulation (EU) No 1095/2010, ESMA shall, in cooperation with EBA and EIOPA, issue and update guidelines on the application of the endorsement regime under Article 4(3) of this Regulation by 7 June 2011.
4.
By 2 January 2012 ESMA shall submit develop draft regulatory technical standards for endorsement by the Commission in accordance with Article 10 of Regulation (EU) No 1095/2010 on: to specify:
(a) the information to be provided by a credit rating agency in its application for registration as set out in Annex II;
(b) information that the credit rating agency must provide for the application for certification and for the assessment of its systemic importance to the financial stability or integrity of financial markets referred to in Article 5;
(c) the presentation of the information, including structure, format, method and period of reporting, that credit rating agencies shall disclose in accordance with Article 11(2) and point 1 of Part II of Section E of Annex I;
(d) the assessment of compliance of credit rating methodologies with the requirements set out in Article 8(3);
(e) the content and format of ratings data periodic reporting to be requested from the registered and certified credit rating agencies for the purpose of ongoing supervision by ESMA.
ESMA shall submit those draft regulatory technical standards to the Commission by 21 June 2014.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010.
4a. ESMA shall develop draft regulatory technical standards to specify:
(a) the content and the presentation of the information, including structure, format, method and timing of reporting that credit rating agencies are to disclose to ESMA in accordance with Article 11a(1); and
(b) the content and format of periodic reporting on fees charged by credit rating agencies for the purpose of ongoing supervision by ESMA.
ESMA shall submit those draft regulatory technical standards to the Commission by 21 June 2014.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with the procedure laid down in Articles 10 to 14 of Regulation (EU) No 1095/2010.
4b. ESMA shall report on the possibility of establishing one or more mappings of credit ratings submitted in accordance with Article 11a(1) and submit that report to the Commission by 21 June 2015. The report shall, in particular, assess:
(a) the possibility, cost, and benefit of establishing one or more mappings;
(b) how one or more mappings can be created without misrepresenting credit ratings in light of different rating methodologies;
(c) any effects mappings could have on the regulatory technical standards developed to date in relation to Article 21(4a)(a) and (b).
ESMA shall consult EBA and EIOPA in regard to points (a) and (b) of the first subparagraph.
5.
ESMA shall publish, annually and for the first time by 1 January 2012, a publish an annual report on the application of this Regulation. That report shall contain, in particular, an assessment of the implementation of Annex I by the credit rating agencies registered under this Regulation. Regulation and an assessment of the application of the endorsement mechanism referred to in Article 4(3).
6.
ESMA shall present annually to the European Parliament, the Council and the Commission a report on supervisory measures taken and penalties imposed by ESMA under this Regulation, including fines and periodic penalty payments.
7.
ESMA shall cooperate with EBA and EIOPA in performing its tasks and shall consult EBA and EIOPA before issuing and updating guidelines and submitting draft regulatory technical standards referred to in paragraphs 2, 3 and 4.