ESAs’ Joint Board of Appeal decides on FinancialCraft Analytics appeal against ESMA’s registration decision

Date: 26 July 2017

On 20 July 2017, the Joint Board of Appeal of the European Supervisory Authorities (ESAs – European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority) published its decision in an appeal brought by FinancialCraft Analytics Sp. z o.o. (formerly named Global Rating Sp. z o.o.) against a decision of the European Securities and Markets Authority (ESMA).

The Board of Appeal unanimously dismissed the appeal and confirmed ESMA’s decision of 8 December 2016 refusing FinancialCraft Analytics Sp. z o.o.’s registration as a credit rating agency.

In accordance with Article 61 of the ESMA Regulation, FinancialCraft Analytics Sp. z o.o. has two months to appeal the Board of Appeal’s decision to the Court of Justice of the EU.