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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 Joint Committee will use the replies to the DP 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.
The consultation will end on 27 February 2015.