On 20 June 2013, Regulation (EU) No 462/2013 (the “CRA 3 Regulation”) became effective. The CRA3 Regulation accompanies the regulatory framework that is currently in place for Credit Rating Agencies (“CRAs”).

Following this, ESMA has now published a discussion paper on the implementation of the CRA3 Regulation (the “Discussion Paper”). The Discussion Paper has been issued in order to compile market participant feedback with a view to drafting regulatory technical standards (“RTS”) which ESMA is required to do so under the Regulation.

The RTS are to be drafted on the following topics:

  • information on structured finance instruments;
  • the European Rating Platform; and
  • the fees charged by CRAs to their clients.

Comments on the Discussion Paper are to be received by 10 October 2013. The final RTS will need to be adopted by ESMA by 21 June 2014.