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In the Cost and Benefits Analysis (CBA), ESMA has analysed two options to establish the content of the RTS. These options consist of transforming the existing Guidance into draft RTS without any change in its content (baseline policy option) against the option to correct the weaknesses of the Guidance when drafting the RTS (“fine tuning” option). When analysing these two options, ESMA has taken into consideration the weaknesses of the Guidance, which has been the reference document used by the CRAs which applied for registration or certification.
ESMA will consider the feedback it receives to this consultation before submitting draft regulatory technical standards on the information in the applications for registration and certification and for the assessment of the systemic importance of a credit rating agency for endorsement by the Commission in the fourth quarter of 2011.
ESMA will publish a Feedback Statement addressing the main points raised in this Consultation as well as the draft RTS submitted to the Commission.