- Latest available (Revised)
- Point in Time (30/09/2014)
- Original (As adopted by EU)
Commission Delegated Regulation (EU) 2015/1 of 30 September 2014 supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with regard to regulatory technical standards for the periodic reporting on fees charged by credit rating agencies for the purpose of ongoing supervision by the European Securities and Markets Authority (Text with EEA relevance)
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Commission Delegated Regulation (EU) 2015/1 is up to date with all changes known to be in force on or before 15 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Reporting of pricing policies per rating class in force and subsequent material updates
No. | Field name | Description | Type | Standard |
---|---|---|---|---|
1 | CRA identifier | Code used to identify the reporting credit rating agency. It is provided by ESMA upon registration. | Mandatory | |
2 | CRA scope | Identification of the CRAs applying the pricing policy. | Mandatory | ISO 17442 |
3 | Pricing policy identifier | Unique identifier of the pricing policy that shall be maintained. All changes other than the scope of the rating types covered by the pricing policy should maintain the same unique identifier. Changes in the scope require a new pricing policy identifier. | Mandatory | Pricing policy identifier in format ‘PP_[internal pricing policy identifier]’ |
4 | Pricing policy validity date | The date from which the pricing policy is valid. | Mandatory | ISO 8601 date format (YYYY-MM-DD) |
5 | Pricing policy end date | The end validity date of the pricing policy. | Mandatory | ISO 8601 date dormat (YYYY-MM-DD) or 9999-01-01 |
6 | Indication of model | Indication of whether the pricing policy relates to issuer-pays ratings or investor-pays or subscriber-pays model. ESMA understands that CRAs may operate services under more than one model and therefore it is possible that a pricing policy may be used for both types of models. In such cases I and S may both be chosen. | Mandatory |
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7 | Scope of the pricing policy | Description of the type of ratings or ancillary services included or covered by the pricing policy. | Mandatory | Indication whether the pricing policy applies to one or more of:
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8 | Industry segment of the pricing policy | When reporting corporate ratings indication whether the pricing policy applies to ratings within one of these industry segments: (i) financial; (ii) insurance; (iii) other corporates. | Mandatory Applicable only if ‘C’ in field 7 ‘Scope of the pricing policy’ | Indication whether the pricing policy applies to one or more of:
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9 | Asset class of the pricing policy | When reporting structured finance ratings indication whether the pricing policy applies to ratings within one of these segments: (i) RMBS; (ii) ABS; (iii) CMBS; (iv) CDO; (v) ABCP; (vi) other. | Mandatory Applicable only if ‘T’ in field 7 ‘Scope of the pricing policy’ | Indication whether the pricing policy applies to one or more of:
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10 | Sector | When reporting sovereign and public finance ratings indication whether the pricing policy applies to ratings within one of these segments: (i) State rating; (ii) regional or local authority rating; (iii) supranational organisations (other than international financial institutions); (iv) public entities; (v) international financial institutions. | Mandatory Applicable only if ‘S’ in field 7 ‘Scope of the pricing policy’ | Indication whether the pricing policy applies to one or more of:
|
11 | Previous pricing policy | The identification of the prior pricing policy which the current policy replaces. | Mandatory Applicable if the current pricing policy changes the scope of application of a previous pricing policy | Pricing policy identifier in format ‘PP_[internal pricing policy identifier]’ |
12 | Pricing policy file name | Pricing policy file name. Shall be reported in a zip format | Mandatory |
Reporting of fee schedules per rating class in force and subsequent material updates
No. | Field name | Description | Type | Standard |
---|---|---|---|---|
1 | CRA identifier | Code used to identify the reporting credit rating agency. It is provided by ESMA upon registration. | Mandatory | |
2 | CRA scope | Identification of the CRAs applying the fee schedule. | Mandatory | ISO 17442 |
3 | Fee schedule identifier | Unique identifier of the fee schedule that shall be maintained over time. All changes other than the scope of the rating types covered by the fee schedule should maintain the same unique identifier. Changes in the scope require a new fee schedule identifier. | Mandatory | Fee schedule identifier in format ‘FS_[internal fee schedule identifier]’ |
4 | Pricing policy identifier | Identification of the pricing policy which the fee schedule is meant to implement. This pricing policy identifier must correspond to the identifier(s) set out under Table 1 of Annex I. | Mandatory | Pricing policy identifier in format ‘PP_[internal pricing policy identifier]’ |
5 | Fee schedule validity date | The date from which the fee schedule is valid. | Mandatory | ISO 8601 date format (YYYY-MM-DD) |
6 | Fee schedule end date | The end validity date of the fee schedule. | Mandatory | ISO 8601 date format (YYYY-MM-DD) or 9999-01-01 |
7 | Indication of model | Indication of whether fee schedule relates to issuer-pays ratings or investor-pays model. | Mandatory |
|
8 | Rating type scope of the fee schedule | Description of the type of ratings or ancillary services included in the fee schedule. | Mandatory | Indication whether the fee schedule applies to one or more of:
|
9 | Industry segment of the fee schedule | When reporting corporate ratings indication whether the fee schedule applies to ratings within one of these industry segments: (i) financial; (ii) insurance; (iii) other corporates. | Mandatory. Applicable only if ‘C’ in field 8 ‘Rating type scope of the fee schedule’ | Indication whether the fee schedule applies to one or more of:
|
10 | Asset class of the fee schedule | When reporting structured finance ratings indication whether the fee schedule applies to ratings within one of these segments: (i) RMBS; (ii) ABS; (iii) CMBS; (iv) CDO; (v) ABCP; (vi) other. | Mandatory. Applicable only if ‘T’ in field 8 ‘Rating type scope of the fee schedules’ | Indication whether the fee schedule applies to one or more of:
|
11 | Sector of the fee schedule | When reporting sovereign and public finance ratings indication whether the fee schedule applies to ratings within one of these segments: (i) State rating; (ii) regional or local authority rating; (iii) supranational organisations (other than international financial institutions); (iv) public entities; (v) international financial institutions. | Mandatory. Applicable only if ‘S’ in field 8 ‘Rating type scope of the fee schedules’ | Indication whether the fee schedule applies to one or more of:
|
12 | Sub-asset of the fee schedule | Defines the sub-asset classes for structured finance ratings. | Mandatory. Applicable only if ‘T’ in field 8 and ‘Asset class’ = ‘ABS’ or ‘RMBS’ or ‘CDO’ or ‘OTH’. | Indication whether the fee schedule applies to one or more of:
|
13 | Previous fee schedule | The identification of the prior fee schedule which the current fee schedule replaces. | Applicable if the current fee schedule changes the scope of application of a previous fee schedule | Fee schedule identifier in format ‘FS_[internal fee schedule identifier]’ |
14 | Fee schedule file name | Fee schedule file name. Shall be reported in a zip format | Mandatory |
Reporting of fee programmes per rating class in force and subsequent material updates
Reporting of pricing procedures in force and subsequent material updates
No. | Field name | Description | Type | Standard |
---|---|---|---|---|
1 | CRA identifier | Code used to identify the reporting credit rating agency. It is provided by ESMA upon registration. | Mandatory. | |
2 | CRA scope | Identification of the CRAs applying the pricing procedure. | Mandatory. | ISO 17442 |
3 | Procedure identifier | Unique identifier of the pricing procedure that shall be maintained over time. | Mandatory. | |
4 | Pricing policy identifier | Identification of the pricing policy or policies which the pricing procedure is meant to implement. This pricing policy identifier must correspond to the identifier(s) set out under Table 2 of Annex I. | Mandatory. | Pricing policy identifier in format ‘PP_[internal pricing policy identifier]’ |
5 | Fee schedule identifier | Identification of the schedule(s) which the pricing procedure is meant to implement. This fee schedule identifier must correspond to the identifier(s) set out under Table 2 of Annex I. | Mandatory. If applicable. | Fee schedule identifier in format ‘FS_[internal fee schedule identifier]’ |
6 | Fee programme identifier | Identification of the fee programme(s) which the pricing procedure is meant to implement. This fee programme identifier must correspond to the identifier(s) set out under Table 3 of Annex I. | Mandatory. If applicable. | Fee programme identifier in format ‘FP_[internal fee programme identifier]’ |
7 | Pricing procedure validity date | The date from which the pricing procedure is valid. | Mandatory. | ISO 8601 date format (YYYY-MM-DD) |
8 | Pricing procedure end date | End date of validity of the pricing procedure | Mandatory. | ISO 8601 date format (YYYY-MM-DD) or 9999-01-01 |
9 | Pricing procedure file name | Pricing procedure file name. Shall be reported in a zip format | Mandatory. |
Data to be reported to ESMA for each individual credit rating assigned under the issuer-pays model
Data to be provided to ESMA for fees received on a per client basis for rating services and ancillary services
No. | Field name | Description | Type | Standard |
---|---|---|---|---|
1 | CRA identifier | Code used to identify the reporting credit rating agency. It is provided by ESMA upon registration. | Mandatory. | |
2 | Client identifier | Unique code assigned by the CRA to identify the Client. Clients may be issuers, rated entities and/or originators, and/or include entities that from an economic point of view, directly or indirectly via an SPV or SIV, negotiates the fees with the credit rating agency in the context of credit rating arrangements. For clarification purposes it should be noted that in no instances shall a Client be an SPV or SIV. The Client shall retain the same unique identifier in all these cases. | Mandatory. | |
3 | Legal entities | List of legal entities that are included in the Client Identifier field. | Mandatory. | List of names of legal entities |
4 | Total overall fees billed | Total fees billed from the Client in the prior calendar year for issuer-pays rating services. | Mandatory. | Amount in EUR |
5 | Client ratings | Identifies how many credit ratings the Client has with the credit rating agency at 31 December of the prior calendar year. | Mandatory. | Number of ratings |
6 | Total fees for programmes | Total fees billed from the Client in the prior calendar year for rating services not derived from an individual rating but from a frequency issuance, relationship or other type of flat fee programme and excess issuance fees, which may cover one or more ratings. | Mandatory. | Amount in EUR |
7 | Identification of ratings | Identification of ratings issued under or covered by fees programmes in the prior calendar year. | Mandatory. | List of ratings identifier |
8 | Fees received for ancillary services | Total fees billed by the CRA group of companies from the Client for ancillary services in the previous calendar year. | Mandatory. | Amount in EUR |
9 | Main ancillary services | Identification of the three main services provided by the CRA group to the Client in the prior calendar year, in revenue terms. | Mandatory. If more than 0 answered to field 8 ‘fees received for ancillary services’. | List of ancillary services |
10 | Ranking of ancillary services | Ranking of the ancillary services for the top three main services identified in field 9 ‘main ancillary services’, in revenue terms. | Mandatory. If more than 0 answered to field 8 ‘fees received for ancillary services’ | Ranking of ancillary services |
11 | Other services | Indication of whether account was taken for the setting of fees for the credit rating services provided to the Client of any services provided by any entities belonging to the credit rating agency’s group within the meaning of Articles 1 and 2 of Directive 83/349/EEC as well as any entity linked to the credit rating agency or other company of the credit rating agency’s group by a relationship within the meaning of Article 12(1) of Directive 83/349/EEC. | Mandatory. |
|
This is to be provided on a per client basis for:
the top 100 Clients in revenue terms for this type of credit rating service;
as well as all other Clients who are subscribers or pay for ratings as an investor and are also rated by the credit rating agency group.
No. | Field name | Description | Type | Standard |
---|---|---|---|---|
1 | CRA identifier | Code used to identify the reporting credit rating agency. It is provided by ESMA upon registration. | Mandatory. | |
2 | Client identifier | Code used internally by the system to identify the client who is paying, being invoiced or otherwise negotiating rates with the credit rating agency to receive the credit rating service. | Mandatory. | |
3 | Fees per client | Total fees billed from the Client for subscription based rating services provided in prior calendar year. | Mandatory. | Amount in EUR |
4 | Identification of pricing policy | Identification of the pricing policy under which the CRA charged its Client. The pricing policy identifier must match with the identifier set out in the applicable pricing policy set out under Table 1 of Annex I to this RTS. | Mandatory. If applicable. | Pricing policy identifier in format ‘PP_[internal pricing policy identifier]’ |
5 | Identification of fee schedule | Identification of the three main fee schedules under which the CRA charged its Client. The fee schedule identifier must match with the identifier set out in the applicable fee schedule part of the pricing policy set out under Table 3 of Annex I to this RTS. | Mandatory. If applicable. | Fee schedule identifier in format ‘FS_[internal fee schedule identifier]’ |
6 | Identification of fee programme | Identification of the three main fee programmes under which the CRA charged its Client. The fee programme identifier must match with the identifier set out in the applicable fee programme part of the pricing policy set out under Table 4 of Annex I to this RTS. | Mandatory. If applicable. | Fee programme identifier in format ‘FP_[internal fee programme identifier]’ |
7 | Issuer or rated entity | Indication of whether the Client is also an issuer, rated entity, or otherwise a Client under Table 2 of Annex II. | Mandatory. |
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8 | Top client indication | Indication of whether the Client was one of top 100 subscription clients in revenue terms in the prior calendar year. | Mandatory. |
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9 | Fees received for ancillary services | Total fees billed by the CRA group of companies from the client for ancillary services in the prior calendar year. | Mandatory. | Amount in EUR |
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