ESMA drags private securitization into rating agency rules

By Owen Sanderson
26 Jun 2014

Final rating agency rules from the European Securities and Markets Authority (ESMA) could draw in bilateral, private or non-tradeable structured finance instruments, as well as the public rated securitizations that the rules are aimed at.

The rules, which are the technical standards on CRA III, the EU’s third attempt at regulating rating agencies, have a whole section covering structured finance instruments, a definition which applies to any deal where payments are dependent on the performance of the underlying, and where subordination of ...

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