The European supervisor ESMA (European Securities and Markets Authority) has published for the second year a report on the supervision of Credit Rating Agencies (CRAs) in the EU. In this report ESMA explains their risk based supervisory activities they conducted at organizations like Moody’s, Fitch and S&P.
ESMA has identified progress by CRAs in their activities including improved disclosure of methodologies and ratings; internal control resources; involvement of senior management in governance and record-keeping practices. However, the report finds that CRAs have not sufficiently embedded the main requirements of the CRA Regulation in their organisations, and ESMA believes that improvements are still necessary
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