On February 19, EMSA published its 2018 annual report and 2019 work program relating to its supervision of credit rating agencies (“CRAs“), trade repositories (“TRs“) and its monitoring of third-country central clearing counterparties (“TC-CCPs“) and central securities depositories (“TC-CSDs“) (ESMA80-199-273). READ MORE
ESMA published a statement on the contingency plans of credit rating agencies (“CRAs“) and trade repositories (“TRs“) in the context of Brexit (ESMA80-187-149) on November 9.
ESMA has published the statement to raise market participants’ awareness of the readiness of CRAs and TRs for the possibility of there being a no-deal Brexit. ESMA states that entities using services provided by CRAs and TRs need to consider the scenario of a no-deal Brexit and the consequences of TRs and CRAs established in the UK losing their EU registration when the UK leaves the EU. READ MORE
On September 30, the UK Information Commissioner’s Office (ICO) published a review of the manner in which personal data is processed by credit reference agencies (CRAs).
Although the report focuses on CRAs, the ICO states that the issues highlighted are equally relevant to other organizations processing large amounts of personal data and to lenders who share information with CRAs.
The report identified certain areas that could be improved, including implementing a process to remind organizations supplying data to CRAs of their obligations under the Data Protection Act 1998, and a system to ensure that all CRAs’ clients are audited at least once a year.
The appendices to the report provide advice for firms relating to each of the topics covered by the report including training, staff awareness, data sharing, monitoring and reporting issues and information risk management. Report.
