The subject matter of the contract is 2 lots for studies. Under the first lot, an overview shall be provided of both existing and potential future alternatives to external credit ratings, and data assessing the feasibility and impact of the implementation of the identified alternatives by market participants will be gathered. Under the second lot, the contractor shall gather quantitative and qualitative data to assess the impact of some of the measures contained in the regulation on credit rating agencies (CRA Regulation) and identify and assess the need for and feasibility of potential additional measures in the area of credit rating. The contractor(s) study will represent an input to the Commission's own assessment and reports required under Article 39b(1) and Article 39(5) of the CRA Regulation.