| Guvnor

Status: In Force
Penalty ceiling: Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Financial Services Firm5

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

Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (Text with EEA relevance) 63 duties

Friendly Societies Act 1992 52 duties

Commission Delegated Regulation (EU) No 153/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on requirements for central counterparties (Text with EEA relevance) 52 duties

The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges , Clearing Houses and Central Securities Depositories ) Regulations 2001 50 duties

The Credit Unions (Northern Ireland) Order 1985 43 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.art002 Demonstration of compliance Regulated

Maintain evidence of credit rating methodology compliance for ESMAFinancial Services Firm

s.art004 Assessing that a credit rating methodology is rigorous Regulated

Use rigorous, documented credit rating methodologiesFinancial Services Firm

s.art005 Assessing that a credit rating methodology is systematic Regulated

Apply credit rating methodologies systematically and update promptly after reviewsFinancial Services Firm

s.art006 Assessing that a credit rating methodology is continuous Regulated

Design credit rating methodologies to be continuous and adaptableFinancial Services Firm

s.art007 Assessing that a credit rating methodology is subject to validation based on historical experience including back testing Regulated

Validate credit rating methodologies using historical evidence and back-testingFinancial Services Firm

4 other provisions — procedural and definitional

s.art001 Subject matter

s.art003 Assessment of compliance by ESMA

s.art008 Exemption

s.art009 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.