ESMA published its first set of proposed future Regulatory Technical Standards (RTS). The draft RTSs on Credit Rating Agencies (CRAs) detail the information that CRAs would have to disclose and the rules they would have to comply with to fulfill the requirements of the CRA Regulation. ESMA also will assess the potential costs and benefits of the future standards. The comment deadline is October 21. Following the consultation, ESMA will send the final draft standards to the European Commission by January 2012. The Commission then needs to decide on the endorsement of the standards, giving them binding legal effect.