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---
title: "ESMA Q&A 1146 — Q&A — Distribution of subscription ratings and disclosure [Answer Published]"
shortTitle: "ESMA Q&A 1146 — Q&A — Distribution of subscription ratings and disclosure [Answer Published]"
answer_id: ESMA_QA_1146
topic: "Inside information, public disclosure and delayed disclosure of inside information"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
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binding_character: non_binding
legal_status: in_force
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date: 6 August 2021
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1146
lifecycle: "Answer Published"
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---

**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/1146)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1146 — Q&A — Distribution of subscription ratings and disclosure \[Answer Published\] |
| **Prepared by** | European Commission |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1146 |
| **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 |

**Distribution of subscription ratings and disclosure of inside information**

### Question

Where a CRA distributes its credit ratings by subscription, would disclosure of credit ratings only to its subscribers constitute “disclosure to the public” within the meaning of Article 10(2a) and would subscribers be permitted to trade on the basis of these credit ratings?

***

### Answer

\[ESMA70-145-111 MAR Q&A 5.10\]

Answer provided by the European Commission in accordance with article 16b(5) of the ESMA Regulation

Yes.

Further to their disclosure to a distribution list of subscribers, credit ratings are no longer to be considered inside information.

Article 2 of Regulation No 1060/2009 (Credit Rating Agencies Regulation or “CRAR”) “applies to credit ratings issued by credit rating agencies registered in the Union and which are disclosed publicly or distributed by subscription” and explicitly excludes from its scope those “not intended for public disclosure or distribution by subscription”.

Article 10(2a) of CRAR provides a presumption that credit ratings and rating outlooks are to be deemed inside information until their “disclosure to the public” without further specifying in which cases such public disclosure occurs.

Depending on the business model of the CRA, certain credit ratings could be disclosed exclusively to subscribers of distribution lists subject to the payment of a license fee and, therefore, they should no longer be deemed as inside information pursuant to Article 10(2a) of CRAR.

Article 7(1)(a) of MAR defines inside information as an information “that has not been made public” regardless of whom has published the information or by which means.

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.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1146)