ESMA Publishes Final Report for Guidelines on Internal Control

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The purpose of these Guidelines is to communicate what ESMA considers to be the characteristics and components of an effective internal control structure within a CRA. The guidelines are structured according to two main parts, establishing:

  • ESMA’s views on the components and characteristics that should be present in a CRA to demonstrate a strong framework for internal controls; and
  • ESMA’s views on the components and characteristics that a CRA should evidence to demonstrate the effectiveness of internal control functions within such a framework.

ESMA conducted a public consultation on these Guidelines to gather the views of CRAs and other relevant stakeholders. A number of amendments and clarifications were introduced into the final guidelines to take into account the views expressed during this consultation.

Next steps

The Guidelines in Annex I will be translated into all official languages and published on ESMA’s website. The Guidelines will apply from 1 July 2021.

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