Validation and review of CRAs’ methodologies

The European Securities and Markets Authority (ESMA) invites responses to the questions listed in this Discussion Paper on the validation and review of Credit Rating Agencies’ methodologies.

All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’.

Please follow the instructions given in the document “Reply form for the Discussion Paper on the validation and review of Credit Rating Agencies’ methodologies” also published on the ESMA website.

Comments are most helpful if they:

• respond to the question stated;
• indicate the specific question to which the comment relates;
• contain a clear rationale; and
• describe any alternatives ESMA should consider.

ESMA will consider all comments received by 19 February  2016.