--- title: "ESMA Q&A 1144 — Q&A — Credit ratings, rating outlooks and information [Answer Published]" shortTitle: "ESMA Q&A 1144 — Q&A — Credit ratings, rating outlooks and information [Answer Published]" answer_id: ESMA_QA_1144 topic: "Inside information, public disclosure and delayed disclosure of inside information" status: "Answer Published" type: qa instrument_type: qa authority: ESMA binding: false binding_character: non_binding legal_status: in_force regulation: "MAR" mar_level3: true mica_level2: false legal_basis: "MAR" date: 6 August 2021 source_link: https://www.esma.europa.eu/publications-data/questions-answers/1144 lifecycle: "Answer Published" text_version: "ESMA Q&A register, 6 August 2021" source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1144" check_status: matched verified: true last_checked: 2026-10-26 checked_against: "the ESMA publication" source: prepared_by: "European Commission" published_by: "ESMA" published_in: "ESMA Q&A tool" evidence: prepared_by: "Answer provided by the European Commission" locator: "ESMA Q&A entry ESMA_QA_1144, first line of the answer field" document_type: "qa_answer" legal_nature: "not_legislation" addressees: "not stated in the document" dates: published_on: "2021-08-06" question_submitted_on: "2021-08-06" locators: published_on: "ESMA Q&A Excel export ESMA_QA_1144, column 'Esma responses', date line" question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1144, column 'Date of submission'" lifecycle_label: "Answer Published" --- **Answer prepared by the European Commission, published in the ESMA Q&A tool · not legislation · published 6 Aug 2021 [Answer Published]** *Answer Published · ESMA Q&A register, 6 August 2021 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1144)* | | | |---|---| | **Full title** | ESMA Q&A 1144 — Q&A — Credit ratings, rating outlooks and information \[Answer Published\] | | **Prepared by** | European Commission | | **Published by** | ESMA, in the ESMA Q&A tool | | **Reference** | ESMA_QA_1144 | | **Document type** | Q&A | | **Legal nature** | Not legislation | | **Addressees** | Not stated in the document | | **Dates** | Published 6 August 2021; question submitted 6 August 2021 | | **Legal basis** | MAR | | **Related instruments** | None recorded | | **Text on this page** | Word for word — the full text of the ESMA publication | **Credit ratings, rating outlooks and information relating thereto, pursuant to article 10(2a) of Regulation No 1060/2009** ### Question Are credit ratings, rating outlooks and information relating thereto, pursuant to article 10(2a) of Regulation No 1060/2009, presumed to be inside information until disclosure to the public, or should a case-by-case assessment of the conditions in Article 7 of Regulation (EU) No 596/2014 be anyhow carried out? *** ### Answer \[ESMA70-145-111 MAR Q&A5.8\] Answer provided by the European Commission in accordance with article 16b(5) of the ESMA Regulation Credit ratings, rating outlooks and information relating thereto are presumed to be inside information until disclosure to the public. Article 10(2a) of Regulation No 1060/2009 (Credit Rating Agencies Regulation or “CRAR”) provides that “Until disclosure to the public of credit ratings, rating outlooks and information relating thereto, they shall be deemed to be inside information, as defined in and in accordance with Directive 2003/6/EC”\[1\]. As a consequence of the presumption set out in article 10(2a) of CRAR, for “credit ratings, rating outlooks and information relating thereto”, the assessment of the conditions laid down in Article 7(1)(a) of MAR is not required and those ratings should always be treated as inside information. Disclaimer: The answers clarify provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation nor do they introduce any additional requirements for the concerned operators and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts. \[1\] Directive 2003/6/EC was repealed by Regulation (EU) No 596/2014 (Market Abuse Regulation or “MAR”), and references to the provisions contained therein are to be read as references to MAR according to the correlation table provided in Annex II of MAR. *** **Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1144)