ESMA has launched a Consultation Paper on “Guidelines and Recommendations on the scope of the CRA Regulation”. The draft Guidelines aim to provide clarification on certain aspects of the scope of the Credit Rating Agencies (CRA) Regulation to registered CRAs, other market participants operating on the perimeter of this sector and to national securities markets regulators.

The draft Guidelines address the following issues: (i) Obligation to register; (ii) Credit rating activities and exemptions from registration; (iii) Private Ratings; (iv) Establishment of branches outside the EU by registered CRAs; (v) Specific disclosure best practices – credit scoring firms and export credit agencies; and (vi) Enforcement of the scope of the CRA Regulation.

The closing date for responses is 20 February 2013 and an open hearing on the consultation will take place in Paris on 22 January 2013.