The European Securities and Markets Authority (ESMA) has published questions and answers on the implementation of the Credit Rating Agencies Regulation. The purpose of this document to provide clarity on the requirements and practice in the application of the CRA Regulation and in particular, the CRA 3 Regulation (Regulation (EU) No. 462/2013). It provides responses to questions posed by Credit Rating Agencies and market participants in relation to the practical application of the CRA Regulation.