INVESTORS | 2017 CMBS Council Survey

	Yes	No
Rating Agencies/rating the stack	Rating Agencies/rating the stack Yes	Rating Agencies/rating the stack No
Market governance	Market governance Yes	Market governance No
Improving transparency in ratings disclosure	Improving transparency in ratings disclosure Yes	Improving transparency in ratings disclosure No
Increasing discipline in offering process	Increasing discipline in offering process Yes	Increasing discipline in offering process No
Enhancing governance in deal structure	Enhancing governance in deal structure Yes	Enhancing governance in deal structure No
Responding to declining underwriting standards	Responding to declining underwriting standards Yes	Responding to declining underwriting standards No
Improving pricing transparency	Improving pricing transparency Yes	Improving pricing transparency No
Reg AB II/Rule 144A and Risk Retention	Reg AB II/Rule 144A and Risk Retention Yes	Reg AB II/Rule 144A and Risk Retention No

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