Guidelines on the use of Credit Ratings by Financial Intermediaries
Status: Under development
These Guidelines are to be developed by the Joint Committee of the European Supervisory Authorities (ESAs). The discussion paper presents a set of questions to banks and other financial institutions and intermediaries concerning their reliance on credit ratings in their contractual practice that is outside of the cases in which reliance on ratings is required by the existing regulatory framework. The responses will be used by the Joint Committee together with an independent study carried out by one of the most authoritative academics in the field to present in Q2 2015 a first draft of possible alternatives to credit ratings.