Background

1. This consultation paper proposes to update and revise ESMA’s 2015 Guidelines On Periodic Information to be submitted to ESMA by CRAs. The information required under the 2015 Guidelines aimed to inform and enable ESMA’s supervisory and risk framework. Among other supervisory tasks the information received under these Guidelines enables ESMA to identify where and when thematic investigations may be necessary, or where remedial actions may need to be taken by CRAs to ensure a consistent application of the Regulation.

2. The purpose of this consultation paper is to propose an update to the 2015 Guidelines in order to ensure that they are better aligned with ESMA’s supervisory processes and to ensure that the information ESMA receives remains relevant and timely. The proposed revised Guidelines also aim to clarify and streamline the reporting instructions for existing requirements, inter alia, by providing reporting templates. The key proposed changes presented in this CP are the following:

(a) clarification of key aspects and concepts in the existing requirements and standardised templates for a number of reporting areas;

(b) refined reporting frequencies;

(c) a new basis for determining a CRA’s reporting requirements; and

(d) additional requirements where ESMA has identified information gaps.

Impact of the Guidelines