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Discussion Paper on CRA3 Implementation

The Discussion Paper deals with the implementation of the CRA3 Regulation, which entered into force on 20 June 2013.

The Regulation, which complements the existing regulatory framework for credit rating agencies (CRAs), requires ESMA to draft Regulatory Technical Standards (RTS) on:

• disclosure requirements on structured finance instruments (SFIs);
• the European Rating Platform (ERP); and
• the periodic reporting on fees charged by CRAs.