FMLC has written to the European Commission to set out its concerns about the the reversal of burden of proof from claimant to defendant that is part of the Commission proposals and EP's Economic and Monetary Affairs Committee final report on the new Credit Rating Agencies Regulation (CRA3). This reversal takes place if the claimant can establish facts from which “it may be inferred” that there has been an infringement of CRA3. FMLC warns this challenges fundamental concepts of law across Europe, would increase uncertainty in the wholesale markets and would even incentivise speculative litigation. (Source: FMLC Letter on CRA3)