The UK and EU regulatory frameworks for ESG data product and ESG rating providers are in early stages of development. Adoption of regulations applicable to ESG data product and rating providers that mirror the existing regulatory requirements on credit rating agencies with respect to pricing, including creation of cost-based pricing policies and practices that are not discriminatory, would impose additional compliance costs on Morningstar Sustainalytics. That said, it is difficult to accurately predict the scope and impact of potential future regulations on ESG data product and ESG rating providers at this time.