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ESMA publishes updated CRA Q&A

16 December 2015

The European Securities and Markets Authority (ESMA) has published an updated questions and answers on the application of the Credit Rating Agencies Regulation.

The revised Q&A clarifies the definition of unsolicited credit ratings, specifically whether a credit rating issued upon the request of a person different from the rated entity/issuer and a related third party constitutes a solicited credit rating.