On July 16, 2014, ESMA published a consultation paper on proposed new Guidelines on the information to be submitted by EU-authorized credit rating agencies to ESMA. ESMA is proposing: (i) to harmonize the level of detail provided and require additional information for periodic reporting; (ii) furtherclarification as to what ESMA considers to constitute a material change to a credit rating agency’s initial conditions for registration; and (iii) further clarification on the information to be provided to ESMA to ensure accurate and appropriate allocation of ESMA’s supervisory fees. Responses to the consultation are due by the end of Q3 2014. SMA is expected to publish final Guidelines by the start of January 2015.

The consultation paper is available at: http://www.esma.europa.eu/news/ESMAconsults-credit-ratings-agencies-periodic-information?t=326&o=home.