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ESMA launches a call for evidence on restricted subscription and private credit ratings
ESMA launches a call for evidence on restricted subscription and private credit ratings
Credit Rating AgenciesThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today launched a call for evidence to gather stakeholder views on the purposes, market practices, needs and risks associated with restricted subscription and private credit ratings.
ESMA is encouraging all interested stakeholders to share views, data and analysis including:
- The characteristics and use cases of restricted subscription and private credit ratings, including their benefits compared with publicly disclosed ratings.
- The characteristics of the parties who are contracting for restricted subscription and private credit ratings and those to whom they are disclosed or distributed.
- Evidence on whether, and to what extent, the analytical processes, governance arrangements, and internal controls applied to restricted subscription and private credit ratings are comparable to those applied to public credit ratings.
Stakeholders are invited to provide evidence‑based responses, including quantitative information where available, as well as concrete examples drawn from market practice. ESMA will consider all responses received by 31 May 2026.
Background
The use of restricted subscription and private credit ratings has been increasing in recent years. This development raises questions about the purposes and market needs these products are intended to serve; how they are produced, distributed and used in practice; and the potential benefits and risks associated with selective access to rating information.
Calls for evidence form part of ESMA’s commitment to evidence‑based policymaking and stakeholder engagement, enabling ESMA to better understand market developments and practices.
Next steps
ESMA will review the responses received in the second quarter of 2026 with a view to assessing whether specific regulatory adjustments or clarifications may be needed to enhance clarity on the application of the CRA Regulation.
Further information:
Tayfun Yilmaz
Communications Officer
press@esma.europa.eu16/04/2026 ESMA00-666616337-488Call for Evidence on the restricted subscription and private credit ratings ESMA releases reporting templates and instructions for the Active Account Requirement
ESMA releases reporting templates and instructions for the Active Account Requirement
CCPMarket dataThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published the reporting templates and instructions for the Active Account Requirement (AAR) reporting under European Market Infrastructure Regulation (EMIR 3).
The new templates set out in detail how entities subject to the AAR should report the required information to their competent authorities. Through this development, ESMA aims to ensure a harmonised and efficient approach to AAR reporting across the EU, providing standardised templates and clear instructions while facilitating consistent supervisory practices.
Next steps
The first AAR reporting submission is expected on 31 July 2026, covering the period from 25 June 2025, when the AAR became applicable, to 30 June 2026.
Thereafter, reporting will take place on six months basis, with submissions due on 31 January and 31 July each year, each covering a twelve‑month reference period.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.euESMA publishes latest edition of its newsletter
ESMA publishes latest edition of its newsletter
ESMA newsletterThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published today its latest edition of the Spotlight on Markets newsletter.
This edition opens with ESMA’s actions to simplify the retail investor journey and make investing more accessible, setting out steps to support retail participation in capital markets.
Top news highlights include the publication of the first Trends, Risks and Vulnerabilities (TRV) report of 2026, which points to a high-risk environment for EU financial markets, as well as analysis showing that new investment funds are helping to reduce costs for investors.
Key publications featured in this edition include:
- Annual transparency calculations for equity and equity-like instruments;
- a joint EBA-ESMA consultation on revised suitability assessment requirements for banks and investment firms;
- ESMA’s proposals to simplify MiFID II/MiFIR obligations on market data; and
- Statement supporting the smooth implementation of the Listing Act and simplified prospectus compliance for issuers.
Other updates in this edition cover new Q&As, EMIR 3, supervisory and enforcement actions, market abuse guidelines, sustainability reporting, and upcoming events.
For regular updates, follow ESMA on LinkedIn, X and Instagram.
10/04/2026 ESMA newsletterNewsletter February and March 2026 ESMA clarifies expectations in the run-up to the launch of EU’s Consolidated Tapes
ESMA clarifies expectations in the run-up to the launch of EU’s Consolidated Tapes
Market dataTradingThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published Questions and Answers (Q&As) on the onboarding of data contributors to the EU’s Consolidated Tapes (CTs), and on the operational rules for the Consolidated Tape Providers (CTPs). The goal is to increase certainty for all market participants in anticipation of the go-live of the EU’s CTs for bonds and for equities.
The Q&As are available via ESMA’s online Q&A tool.
In collaboration with National Competent Authorities, ESMA reminds that trading venues and Authorised Publication Arrangements have the legal obligation to contribute data to the CTPs from the CTs’ go‑live.
In this context, ESMA expects the relevant data contributors to engage with the selected CTPs ahead of their formal authorisation, to ensure that the data transmission setup is in place before the CTs’ go‑live. This cooperation may include agreeing on the relevant transmission protocols and conducting connectivity and end‑to‑end testing.
ESMA expects the selected CTPs to put appropriate arrangements in place to safeguard the confidentiality and integrity of information received during this preparatory phase.
Background
In 2025, ESMA selected fairCT as the provider of the EU’s bonds CT and EuroCTP as the provider of the equities CT. The authorisation processes for both CTPs are currently ongoing.
The selection procedure for the provider of the derivatives CT was launched in January 2026, and ESMA expects to announce the selected candidate by July 2026.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.euESAs spring risk update highlights geopolitical pressures and rising private finance risks
ESAs spring risk update highlights geopolitical pressures and rising private finance risks
Joint CommitteeRisk monitoringThe European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published their spring 2026 Joint Committee update on risks and vulnerabilities in the EU financial system. The update focuses on the challenges arising from ongoing geopolitical tensions and developments in private finance.
Geopolitical tensions continue to pose significant risks
The ESAs warn that ongoing geopolitical tensions, namely the war in the Middle East, pose significant risks to the global financial landscape through higher energy prices, potential inflationary pressures and weaker economic growth. The ESAs had previously warned about the risks of sudden repricing and liquidity reductions at times of elevated equity market valuations and compressed spreads in bond markets. Such developments can exacerbate market vulnerabilities, triggering volatility and revaluations.
Higher interest rates may further tighten funding conditions and affect asset quality. Tensions around the Strait of Hormuz and airspace closures raise multi-line risk, although war exclusions are expected to limit net losses for insurers. More broadly, geopolitical events and cyber-attacks could generate shocks and disruptions to critical infrastructures. -
Risks linked to private finance
The update also highlights emerging risks in private finance driven by limited data, low transparency, prolonged growth and complex, opaque interconnections with the broader financial system. These factors increase the potential for sudden market shifts in investor liquidity and spillovers to other parts of the financial system.
Recent developments in certain US private credit funds, linked to AI replacing more traditional software businesses, illustrate potential vulnerabilities related to changes in investor sentiment.
EU financial sector remains resilient overall
Despite the challenging geopolitical environment, European financial markets have continued to demonstrate resilience. The insurance and Institutions for Occupational Retirement Provision (IORP) sectors maintain robust capital and funding positions. In the banking sector, capital ratios remain high, while liquidity positions and asset quality are solid. Direct exposures to countries most affected by the war remain limited.
Supervisors and market participants to maintain vigilance
Given the ongoing geopolitical tensions, the Joint Committee of the ESAs calls on supervisors and market participants to maintain a high level of readiness. This includes proactive risk assessments with appropriate tools, the prudent management of sovereign exposures and the inclusion of geopolitical context in risk management. Possible indirect effects stemming from energy prices and exposures to highly affected sectors should also be closely monitored.
Financial institutions, authorities and investors are also encouraged to closely monitor and manage risks associated with private markets, considering limited transparency, rising exposures, and potential shifts in risk profiles, linked to the upcoming Solvency II 2027 changes.
Further information:
Tayfun Yilmaz
Communications Officer
press@esma.europa.eu
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