On February 3, 2015, the European Securities & Markets Authority (“ESMA”) published a call for evidence on the impact of the EU Credit Rating Agencies Regulation on the credit rating industry and the development of markets for structured finance instruments. ESMA is seeking evidence of how the Credit Rating Agencies Regulation is achieving the objectives of stimulating competition between credit rating agencies, improving the choice of credit rating agencies available and minimizing conflicts of interests in the industry. The evidence received will be analyzed by ESMA in its development of technical advice to the European Commission as required under the Credit Rating Agencies Regulation. Evidence is required by March 31, 2015 and ESMA must provide its advice by September 2015.

Documents relating to the call for evidence are available at: http://www.esma.europa.eu/news/ESMA-launches-Call-evidence-competition-choice-and-conflicts-interest -CRA-industry?t=326&o=home.