Retained EU Law SI 2009/1060 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)

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Financial Services Firm15 Employer1

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Financial Services Firm — also bound by 167 other Acts
Employer — also bound by 682 other Acts
TULRCA 1992 72 duties

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.a s.a Regulated
  • Establish governance and compliance structures for credit rating activitiesFinancial Services Firm
s.b s.b Regulated
  • Identify, manage and disclose conflicts of interest in credit rating activitiesFinancial Services Firm
s.c s.c Regulated
  • Prevent insider trading and manage conflicts of interest in credit ratingsEmployer
s.d s.d Regulated
  • Ensure transparency and disclosure in credit ratings and rating outlooksFinancial Services Firm
s.e s.e Regulated
  • Disclose your registration status and key operational details to the publicFinancial Services Firm
s.art006 Independence and avoidance of conflicts of interest Regulated
  • Prevent conflicts of interest in credit ratings and set up controlsFinancial Services Firm
s.art006 Maximum duration of the contractual relationship with a credit rating agency Regulated
  • Comply with 4-year limit and cooling-off period for rating re-securitisationsFinancial Services Firm
s.art007 Rating analysts, employees and other persons involved in the issuing of credit ratings Regulated
  • Ensure credit rating staff are competent, independent and rotatedFinancial Services Firm
s.art008 Methodologies, models and key rating assumptions Regulated
  • Use rigorous, transparent and validated rating methodologiesFinancial Services Firm
s.art008 Sovereign ratings Regulated
  • Publish sovereign rating calendar and comply with rating rulesFinancial Services Firm
s.art009 Outsourcing Regulated
  • Outsource important functions without materially impairing controls or FCA oversightFinancial Services Firm
s.art010 Disclosure and presentation of credit ratings Regulated
  • Disclose credit ratings and rating outlooks on a non-selective, timely basisFinancial Services Firm
s.art011 General and periodic disclosures Regulated
  • Make required public and regulatory disclosures on credit ratings and performance dataFinancial Services Firm
s.art012 Transparency report Regulated
  • Publish an annual transparency reportFinancial Services Firm
s.art013 Public disclosure fees Regulated
  • Do not charge fees for information disclosed under Articles 8-12Financial Services Firm
s.art015 Application for registration Regulated
  • Apply for registration with the FCA before providing credit rating servicesFinancial Services Firm
61 other provisions — procedural and definitional
s.annex iv para.1 The following coefficients shall be applicable in a cumulative way...
s.art001 Subject matter
s.art002 Scope
s.art003 Definitions
s.art004 Use of credit ratings
s.art005 Equivalence and certification based on equivalence
s.art005 Over-reliance on credit ratings by financial institutions
s.art005 Reliance on credit ratings by the European Supervisory Authorities and the European Systemic Risk Board
s.art005 Over-reliance on credit ratings in Union law
s.art006 Conflicts of interest concerning investments in credit rating agencies
s.art008 Information on structured finance instruments
s.art008 Double credit rating of securitisation instruments
s.art008 Use of multiple credit rating agencies
s.art011 Public rating database
s.art014 Requirement for registration
s.art016 Examination of the application for registration of a credit rating agency by the FCA
s.art017 Examination of the applications for registration of a group of credit rating agencies by the FCA
s.art018 Notification of decisions
s.art018 Upper Tribunal
s.art019 Registration and supervisory fees
s.art020 Withdrawal of registration
s.art021 The FCA
s.art022 Competent authorities
s.art022 Examination of compliance with methodology requirements
s.art023 Non-interference with content of ratings or methodologies
s.art023 Exercise of the powers referred to in Articles 23b to 23d
s.art023 Requests for information
s.art023 General investigations
s.art023 On-site inspections
s.art023 Procedural rules for taking supervisory measures and imposing fines
s.art024 Supervisory measures
s.art025 Hearing of the persons concerned
s.art025 Sectoral competent authorities responsible for the supervision and enforcement of Article 4(1) and Articles 5a, 8b, 8c and 8d
s.art026 Obligation to cooperate
s.art027 Exchange of information
s.art028 Cooperation in case of a request with regard to on-site inspections or investigations
s.art029 Colleges of competent authorities
s.art030 Delegation of tasks by ESMA to competent authorities
s.art031 Notifications and suspension requests by competent authorities
s.art032 Professional secrecy
s.art033 Disclosure of information from another Member State
s.art034 Agreement on exchange of information
s.art035 Disclosure of information from third countries
s.art035 Civil liability
s.art036 Penalties
s.art036 Fines
s.art036 Periodic penalty payments
s.art036 Hearing of the persons subject to the proceedings
s.art036 Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
s.art036 Review by the Court of Justice of the European Union
s.art037 Amendments to Annexes
s.art038 Treasury Regulations
s.art038 Exercise of the delegation
s.art038 Revocation of the delegation
s.art038 Objections to delegated acts
s.art039 Reports
s.art039 ESMA’s staffing and resources
s.art039 Reporting obligations
s.art040 Transitional provision
s.art040 Transitional measures related to ESMA
s.art041 Entry into force

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.