The Directive amending the UCITS Directive and the Alternative Investment Fund Managers Directive (AIFMD) in respect of over-reliance on credit ratings and the Regulation amending the CRA Regulation in respect of ratings reliance have been published in the OJEU. Member States must implement the Directive by 21 December 2014. The Regulation takes effect at various dates up to 1 June 2018. (Source: UCITS CRA Amendment Directive in OJEU and CRA Amendment Regulation in OJEU)