FMLC has responded to the European Banking Authority's (EBA) consultation on draft Regulatory Technical Standards (RTS) on retention requirements when transferring credit risk. It notes that the draft RTS do not reflect the legislative text (the Capital Requirements Regulation (CRR)) on which they are based. When drafting the RTS, EBA would have taken into account unpublished comments made during the negotiation of the CRR, and relied on the fact that the CRR is a Regulation, rather than a Directive. FMLC warns that it is against the jurisprudence of the European Court of Justice to take into account unpublished material when interpreting and developing European legislation. Neither does the fact that a provision is in a Regulation rather than a Directive affect the way it can be interpreted. (Source: FMLC Response to EBA Risk Retention RTS Consultation)