EFAMA calls for grea​ter scrutiny over Credit Rating Agency affiliates and development of the European Rating Platform

EFAMA response to an ESMA consultation


Brussels, 4 August 2020  - “We see ESMA’s consultation on the use of credit rating information and data as an opportunity to further develop the European Rating Platform as a single and free access point for all users of credit rating information. We also call for greater scrutiny over Credit Rating Agency (CRA) affiliates, insofar as their licensing agreements and unfair “bundling” practices are concerned, concluding that these entities should be scoped into the CRA Regulation. We also underline the need for ESMA and NCAs to step-up their supervision and enforcement of existing market data cost regulation (including instances where data feeds are accessed via third-party data vendors/aggregators).  

For important users of credit rating information and data, such as asset managers, this should be a prelude to a coherent regulation of financial market data costs and comprehensive cost transparency rules for all data providers, including affiliates of registered CRAs among others. Greater cost transparency has become even more urgent because of the growing offer of ESG/sustainability ratings or scores by these same entities.  

In line with the “good practices” identified in December 2019 by ESMA, as a follow-up to its earlier Thematic Report, EFAMA thus recommends the publication of fee schedules at the start of a service agreement, as well as on an ongoing basis, to justify any further price increases at cost and throughout the life of the commercial relationship.” 

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​Notes to editors: 

Link to ESMA consultation: 

About the European Fund and Asset Management Association (EFAMA):

EFAMA, the voice of the European investment management industry, represents 28 Member Associations, 59 Corporate Members and 23 Associate Members. At end Q1 2020, total net assets of European investment funds reached EUR 15.7 trillion.  These assets were managed by more than 34,250 UCITS (Undertakings for Collective Investments in Transferable Securities) and 29,000 AIFs (Alternative Investment Funds). More information available at