s.a
- Establish governance and compliance structures for credit rating activities
Retained EU Law
2009
United Kingdom
Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (Text with EEA relevance)
At a glance
What's here
15 compliance obligations
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
s.b
- Identify, manage and disclose conflicts of interest in credit rating activities
s.c
- Prevent insider trading and manage conflicts of interest in credit ratings
s.d
- Ensure transparency and disclosure in credit ratings and rating outlooks
s.e
- Disclose your registration status and key operational details to the public
Independence and avoidance of conflicts of interest
- Prevent conflicts of interest in credit ratings and set up controls
Maximum duration of the contractual relationship with a credit rating agency
- Comply with 4-year limit and cooling-off period for rating re-securitisations
Rating analysts, employees and other persons involved in the issuing of credit ratings
- Ensure credit rating staff are competent, independent and rotated
Methodologies, models and key rating assumptions
- Use rigorous, transparent and validated rating methodologies
Sovereign ratings
- Publish sovereign rating calendar and comply with rating rules
Disclosure and presentation of credit ratings
- Disclose credit ratings and rating outlooks on a non-selective, timely basis
General and periodic disclosures
- Make required public and regulatory disclosures on credit ratings and performance data
Transparency report
- Publish an annual transparency report
Public disclosure fees
- Do not charge fees for information disclosed under Articles 8-12
Application for registration
- Apply for registration with the FCA before providing credit rating services
Browse 62 other sections — procedural / definitional / commencement
The following coefficients shall be applicable in a cumulative way...
Subject matter
Scope
Definitions
Use of credit ratings
Equivalence and certification based on equivalence
Over-reliance on credit ratings by financial institutions
Reliance on credit ratings by the European Supervisory Authorities and the European Systemic Risk Board
Over-reliance on credit ratings in Union law
Conflicts of interest concerning investments in credit rating agencies
Information on structured finance instruments
Double credit rating of securitisation instruments
Use of multiple credit rating agencies
Outsourcing
Public rating database
Requirement for registration
Examination of the application for registration of a credit rating agency by the FCA
Examination of the applications for registration of a group of credit rating agencies by the FCA
Notification of decisions
Upper Tribunal
Registration and supervisory fees
Withdrawal of registration
The FCA
Competent authorities
Examination of compliance with methodology requirements
Non-interference with content of ratings or methodologies
Exercise of the powers referred to in Articles 23b to 23d
Requests for information
General investigations
On-site inspections
Procedural rules for taking supervisory measures and imposing fines
Supervisory measures
Hearing of the persons concerned
Sectoral competent authorities responsible for the supervision and enforcement of Article 4(1) and Articles 5a, 8b, 8c and 8d
Obligation to cooperate
Exchange of information
Cooperation in case of a request with regard to on-site inspections or investigations
Colleges of competent authorities
Delegation of tasks by ESMA to competent authorities
Notifications and suspension requests by competent authorities
Professional secrecy
Disclosure of information from another Member State
Agreement on exchange of information
Disclosure of information from third countries
Civil liability
Penalties
Fines
Periodic penalty payments
Hearing of the persons subject to the proceedings
Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
Review by the Court of Justice of the European Union
Amendments to Annexes
Treasury Regulations
Exercise of the delegation
Revocation of the delegation
Objections to delegated acts
Reports
ESMA’s staffing and resources
Reporting obligations
Transitional provision
Transitional measures related to ESMA
Entry into force
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