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\n1.1 Legislative references ..........................................................................................3  \n1.2 Abbreviations .......................................................................................................3  \n2 Executive Summary ....................................................................................................5  \n3 Legal Basis..................................................................................................................5  \n4 How to use this Document...........................................................................................6  \n5 How CRAs’Market Shares are calculated ...................................................................6  \n6 Applicability .................................................................................................................6  \n7 Market Share Calculation for EU Registered CRAs .....................................................7  \n8 Types of Credit Ratings offered by EU registered CRAs..............................................9  \n9 Market Share of EU Registered CRAs by Rating Category ....................................... 10  \n10 Supervisory Briefing for Article 8d ............................................................................. 13  \n11 Questions and Feedback........................................................................................... 13  \n1 Legislative references, abbreviations and definitions  \n1.1 Legislative references  \nCRA Regulation Regulation (EC) No 1060/2009 of the European Parliament  \nand of the Council of 16 September 2009 on credit ratings agencies as amended by Regulation (EU) No 513/2011 of the European Parliament and of the Council of 11 May 2011, Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011, Regulation (EU) No 462/2013 of the European Parliament and of the Council of 21 May 2013, Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 and Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017.  \n1.2 Abbreviations  \n\n| Credit Rating | Credit rating means an opinion regarding the creditworthiness of an entity, a debt or financial obligation, debt security, preferred share or other financial instrument, or of an issuer of such a debt or financial obligation, debt security, preferred share or other financial instrument, issued using an established and defined ranking system of rating categories (Regulation 1060/2009 Article 3(1)(a)) . |\n| --- | --- |\n| Credit Rating Agency | Credit rating agency means a legal person whose occupation includes the issuing of credit ratings on a professional basis (Regulation 1060/2009 Article 3(1)(b)) . |\n| Credit Rating Activities | Credit rating activities means data and information analysis and the evaluation, approval, issuing and review of credit ratings. |\n| Group of Credit Rating Agencies | ‘group of credit rating agencies’ means a group of undertakings established in the Union consisting of a parent undertaking and its subsidiaries within the meaning of Articles 1 and 2 of Directive 83/349/EEC as well as undertakings linked to each other by a relationship within the meaning of Article 12(1) of Directive 83/349/EEC and whose occupation includes the issuing of credit ratings. For the purposes of Article 4(3)(a), a group of credit rating agencies |\n\n\n|  | shall also include credit rating agencies established in third countries;(Regulation 1060/2009 Article 3(1)(m) . |\n| --- | --- |\n| Ancillary Services | Ancillary services are not part of credit rating activities; they comprise market forecasts, estimates of economic trends, pricing analysis and other general data analysis as well as distribution services. |\n| Issuer | Issuer means a legal entity t","cbCaimG901JBiqB7","https://ap.wps.com/l/cbCaimG901JBiqB7","pdf",317520,13,"English","# Executive Summary\n# How to use this Document\n# How CRAs’ Market Shares are calculated\n# Applicability\n# Market Share Calculation for EU Registered CRAs\n# Types of Credit Ratings offered by EU registered CRAs\n# Market Share of EU Registered CRAs by Rating Category\n# Supervisory Briefing for Article 8d\n# Questions and Feedback","[{\"question\":\"What is the purpose of the CRA Market Share Report 2024 edition?\",\"answer\":\"It explains the legislative basis and provides guidance on how CRAs’ market shares are calculated, particularly in relation to Article 8d requirements for issuer or related third-party appointments.\"},{\"question\":\"How does Article 8d affect the appointment of credit rating agencies?\",\"answer\":\"When issuers or related third parties intend to appoint two or more CRAs, they must consider appointing at least one CRA with no more than 10% of the total market share in the EU.\"},{\"question\":\"What happens if a less-than-10% market share CRA is not appointed?\",\"answer\":\"The decision must be documented, and the obligations under Article 8d are supervised accordingly.\"}]","CRA Market Share Report - 2024 edition - How CRAs’ market shares are calculated | PDF"]