On December 23, 2014, the ESAs issued a discussion paper on the use of credit ratings by financial intermediaries. The paper sets out a number of questions to banks and other financial institutions as well as intermediaries and national competent authorities about reliance on credit ratings where reliance is not required by the existing regulatory framework. The replies will be used in an academic and independent study to prepare a first draft of possible alternatives to credit ratings. The consultation period ends on February 27, 2015.

The discussion paper is available at:

http://www.eba.europa.eu/documents/10180/937676/JC+DP+2014+01+-+Discuss ion+Paper+on+Use+of+Credit+Ratings+by+Financial+Intermediaries.pdf