Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Wytyczne dotyczące wymogów w zakresie ujawniania informacji na temat przeglądów wstępnych i wstępnych ratingów

31 January 2022

ESMA80-416-203

Final Report

Guidelines on Disclosure Requirements for Initial Reviews and Preliminary Ratings

1. Executive Summary

Reasons for publication

1. The CRA Regulation (CRAR) includes a number of requirements that are designed to provide clarity to the market around whether entities or debt instruments have been subject to initial review or preliminary rating by CRAs, before receiving a credit rating. The objective of these requirements is to mitigate against the effects of rating shopping.

2. Rating shopping can be understood as occurring when an issuer engages with a number of credit rating agencies with a view to selecting only those credit rating agencies that will provide the most favourable assessment for the entity or debt instrument. In choosing to appoint only those credit rating agencies that provide the most favourable assessment, risks are created for investor protection and financial stability, specifically, risks of ratings inflation and lack of applied...