Who should read this paperAll interested stakeholders are invited to respond to this consultation paper. It will primarily be of interest to credit institutions and investment firms who need to calculate their credit risk exposure under the Capital Requirements Regulation (EU) No 575/2013 of 26 June 2013.Responding to this paperThe European Securities and Markets Authority (ESMA) invites comments on all matters set out in this consultation paper and, in particular, on the specific questions listed in Annex 1. Comments are most helpful if they:

indicate the number of the question to which the comment relates;
respond to the question stated;
contain a clear rationale, including on any related costs and benefits; and
describe any alternatives ESMA should consider.

Comments should reach us by 1 November 2014.All contributions should use the correct response form and be submitted online at www.esma.europa.eu under the heading ‘Your input/Consultations’.Publication of responsesAll contributions received will be published following the end of the consultation period, unless otherwise requested. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. Note also that a confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make is reviewable by ESMA’s Board of Appeal and the European Ombudsman.Data protectionInformation on data protection can be found at www.esma.europa.eu by following the link ‘Data protection’.