On EU-level the directive on the use of external ratings by insurers, occupational pension funds and asset management companies has been adapted to actual supervisory requirements.

BaFin therefore has publisched for practical application a guideline on the use of external ratings and on the execution of own credit risk appraisal by the respective bodies. In essence each investor needs to assess  the creditability of the issuer or debtor of a financial instrument in addition to using extermal ratings.

Details are available on request.