On 24 June 2014, the European Securities and Markets Authority (“ESMA”) provided the European Commission with its final report and draft RTS on (i) disclosure by issuers, originators and sponsors of structured finance transactions; (ii) the content and presentation of rating information that credit ratings agencies must submit to ESMA for credit ratings that are not produced for a client; and (iii) the content and format of reporting by credit rating agencies to ESMA of fees the agencies charge. ESMA was required to prepare the final draft RTS under the Credit Rating Agency Regulation. The European Commission must assess the RTS and consider whether or not to adopt them.

ESMA’s final report is available at: http://www.esma.europa.eu/news/Press- Release-ESMA-publishes-draft-RTS-CRA3-transparency- requirements?t=326&o=home.