1.   A credit rating agency shall provide ESMA with an up-to-date inventory of existing and potential conflicts of interest relevant to it. Where a credit rating agency is part of a group of undertakings, it shall include in the inventory any conflicts of interest arising from other entities which belong to its group of undertakings.

2.   The inventory of existing and potential conflicts of interest shall identify the following potential conflicts of interest:

(a)	any potential conflicts of interest with related third parties;

(b)	any potential conflicts of interest arising from the carrying out of ancillary services and the outsourced rating activities;

3.   The inventory referred to in paragraph 1 shall explain how the potential conflicts of interest are to be eliminated or managed and disclosed.