As outlined in detail in a Feature Piece in Edition 9 of this SCM Briefing, the European Securities and Markets Authority (ESMA) released a detailed Consultation Paper setting out draft Regulatory Technical Standards (RTS) on three specific areas of the EU Regulation on Credit Rating Agencies (as amended - known as CRA III): Article 8b, which requires the issuer, originator and the sponsor of a structured finance instrument to jointly publish information on the credit quality and performance of the underlying assets of the structured finance instrument, its structure, the cash flows and any collateral supporting a securitisation exposure as well as any information that is necessary to conduct comprehensive and well-informed stress tests on the cash flows and collateral values supporting the underlying exposures (as well as any significant change or event likely to affect the creditworthiness of the underlying exposures), on a website set up and run by ESMA; Article 21(4a)(a), which requires ESMA to develop RTS on the content and format of the ratings data to be disclosed to ESMA in accordance with Article 11a(1) (disclosure to the European Rating Platform), including the structure, format, method and timing of reporting; and Article 21(4a)(b), which requires ESMA to develop draft RTS to specify the content and format of the information that CRAs must provide on fees charged by CRAs for the purpose of ongoing supervision by ESMA, and requires CRAs to annually disclose to ESMA the list of fees charged to each client for individual ratings and ancillary services, as well as their pricing policies. ESMA's advice to the European Commission in this area was required to be submitted by 30 June 2014. ESMA has now released its Final Report setting out the final set of draft RTS for consideration by the European Commission. The three sets of final draft RTS do not differ significantly from the earlier drafts released by ESMA, save for the fact that an issuer, originator or sponsor may now designate an entity to be responsible for reporting the information to the website to be set up by ESMA (although the issuer, originator and sponsor retain overall responsibility for complying with the RTS). However, the draft RTS now make it clear that their application extends to private and bilateral deals (unrated, unlisted, structured finance instruments as well as short-term ABCP) as well as "tradeable securities", albeit subject to a phase-in period (while ESMA considers and attempts to develop reporting obligations that will apply to such deals), which is causing some concern amongst market participants. The RTS will apply to RMBS, CMBS, SME ABS, auto loan ABS, consumer loan ABS, credit card ABS and leasing ABS, with the requirements (and relevant reporting templates) to be expanded to deals backed by other assets, such as trade receivables, over time. The RTS set out in the Final Report will take effect 20 days after their publication in final form in the Official Journal of the EU (the European Commission now has three months in which to decide to endorse the draft RTS, and may make amendments to them), but they are not scheduled to apply until 1 January 2017 (and will only apply to structured finance instruments issued after the date of application of the RTS).