ESMA_QA_902

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/902

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Regulatory Context

Regulation : PROSPECTUS

Level 1 Regulation: Prospectus Regulation 2017/1129

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Public offer

Subject Matter: Credit rating disclosure in prospectuses

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Question

Submission Date: 05 May 2021

Does Article 4(1) of the CRA Regulation apply to any credit rating mentioned in a prospectus?

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ESMA Answer

Answer Date: 05-05-2021

[ESMA 31-62-1258 Prospectuses Q&A 14.13] Yes, it does. In accordance with Article 4(1) of the CRA Regulation, whenever a credit rating is included in a prospectus, regardless of whether it is included pursuant to Commission Delegated Regulation 2019/980[1], prominent and clear information should be provided to state whether or not the credit rating is issued by a credit rating agency established in the Union and registered as per the CRA Regulation.  

[1] For example, pursuant to item 4.1.6 of Annex 6.

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This document was automatically extracted from the ESMA EMIR Q&A database.