Clifford Chance
CRA3: Commission Adopts Detailed Disclosure Rules for Structured Finance Instruments
1 October 2014
On 30 September 2014, the EU Commission (the "Commission") adopted a set of regulatory technical standards ("RTS") setting out how market participants will need to comply with Article 8b of the EU's Credit Rating Agencies Regulation. The version adopted by the Commission is broadly in line with expectations and similar to the final draft of the RTS adopted by the European Securities and Markets Authority ("ESMA") on 24 June 2014. In this alert, we explain some of the outstanding issues and the most important differences between ESMA's final draft RTS and the version adopted by the Commission.
