ESMA has published a discussion paper on the validation and review of credit rating agencies' methodologies. Article 8(3) of the CRA Regulation requires CRAs to use rating methodologies that are rigorous, systematic, continuous and subject to validation based on historical experience methodologies. In the discussion paper, ESMA provides a summary of current industry practice on methodologies and requests views on the validation and review of methodologies both where there is sufficient quantitative evidence and where there is limited quantitative evidence. It also requests views on the identification and addressing of systemic anomalies. Comments are invited by 19 February 2016.