The European Securities and Markets Authority (ESMA) has published a final report on the technical advice on CRA regulatory equivalence on Argentina, Brazil, Mexico, Hong Kong and Singapore. In October 2012 the European Commission requested ESMA to provide its technical advice on the equivalence between the legal and supervisory frameworks of the above countries with the EU regulatory regime for credit rating agencies (EC Regulation No. 1060/2009). This report sets out ESMA's advice to the European Commission in respect of the equivalence between these countries' respective legal and supervisory frameworks and the EU regulatory regime for credit rating agencies. The equivalence assessment conducted by ESMA follows an objective-based approach, where the capability of the regime in the third country to meet the objectives of the EU regulation is assessed from a holistic perspective.