Regulation 1060/2009/EC - Credit Rating Agencies Regulation - CRAR

Comparing proposed amendment...


	Recitals
	Title I Subject Matter, Scope and Definitions (arts. 1-5c)
Amended	Article 1 Subject matter
Amended	Article 2 Scope
Amended	Article 3 Definitions
Amended	Article 4 Use of credit ratings
Amended	Article 5 Equivalence and certification based on equivalence
Inserted	Article 5a Over-reliance on credit ratings by financial institutions
Inserted	Article 5b Reliance on credit ratings by the European Supervisory Authorities and the European Systemic Risk Board
Inserted	Article 5c Over-reliance on credit ratings in Union law
	Title II Issuing of Credit Ratings (arts. 6-13)
Amended	Article 6 Independence and avoidance of conflicts of interest
Inserted	Article 6a Conflicts of interest concerning investments in credit rating agencies
Inserted	Article 6b Maximum duration of the contractual relationship with a credit rating agency
Amended	Article 7 Rating analysts, employees and other persons involved in the issuing of credit ratings
Amended	Article 8 Methodologies, models and key rating assumptions
Inserted	Article 8a Sovereign ratings
Deleted	Article 8b Information on structured finance instruments
Amended	Article 8c Double credit rating of securitisation instruments
Inserted	Article 8d Use of multiple credit rating agencies
Amended	Article 9 Outsourcing
Amended	Article 10 Disclosure and presentation of credit ratings
Amended	Article 11 General and periodic disclosures
Amended	Article 11a European rating platform
ApplicableEntered into force	Article 12 Transparency report
ApplicableEntered into force	Article 13 Public disclosure fees
Inserted	Article 13a Accessibility of information on ESAP
	Title III Surveillance of Credit Rating Activities (arts. 14-35)
	Chapter I Registration procedure (arts. 14-20)
Amended	Article 14 Requirement for registration
Amended	Article 15 Application for registration
Amended	Article 16 Examination of the application for registration of a credit rating agency by ESMA
Amended	Article 17 Examination of the applications for registration of a group of credit rating agencies by ESMA
Amended	Article 18 Notification of a decision to register, refuse or withdraw registration, and publication of the list of registered credit rating agencies
Amended	Article 19 Registration and supervisory fees
Amended	Article 20 Withdrawal of registration
	Chapter II Supervision by ESMA (arts. 21-25a)
Amended	Article 21 ESMA
ApplicableEntered into force	Article 22 Competent authorities
Amended	Article 22a Examination of compliance with methodology requirements
Amended	Article 23 Non-interference with content of ratings or methodologies
Inserted	Article 23a Exercise of the powers referred to in Articles 23b to 23d
Inserted	Article 23b Requests for information
Inserted	Article 23c General investigations
Inserted	Article 23d On-site inspections
Inserted	Article 23e Procedural rules for taking supervisory measures and imposing fines
Amended	Article 24 Supervisory measures by ESMA
Amended	Article 25 Hearing of the persons concerned
Amended	Article 25a Sectoral competent authorities responsible for the supervision and enforcement of Article 4(1) and Articles 5a, 8c and 8d
	Chapter III Cooperation between competent authorities (ss. 26-33)
Amended	Article 26 Obligation to cooperate
Amended	Article 27 Exchange of information
Deleted	Article 28 Cooperation in case of a request with regard to on-site inspections or investigations
Deleted	Article 29 Colleges of competent authorities
Amended	Article 30 Delegation of tasks by ESMA to competent authorities
Amended	Article 31 Notifications and suspension requests by competent authorities
Amended	Article 32 Professional secrecy
Deleted	Article 33 Disclosure of information from another Member State
	Chapter IV Cooperation with third countries (arts. 34-35)
Amended	Article 34 Agreement on exchange of information
Amended	Article 35 Disclosure of information from third countries
	Title IIIA Civil liability of credit rating agencies (art. 35a)
Inserted	Article 35a Civil liability
	Title IV Penalties, Committee Procedure, Reporting and Transitional and Final Provisions (arts. 36-41)
	Chapter I Penalties, committee procedure and reporting (arts. 36-39b)
Amended	Article 36 Penalties
Amended	Article 36a Fines
Inserted	Article 36b Periodic penalty payments
Inserted	Article 36c Hearing of the persons subject to the proceedings
Inserted	Article 36d Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
Inserted	Article 36e Review by the Court of Justice of the European Union
Amended	Article 37 Amendments to Annexes
Amended	Article 38 Committee procedure
Inserted	Article 38a Exercise of the delegation
Inserted	Article 38b Revocation of the delegation
Inserted	Article 38c Objections to delegated acts
Amended	Article 39 Reports
Amended	Article 39a ESMA's staffing and resources
Inserted	Article 39b Reporting obligations
	Chapter II Transitional and final provisions (arts. 40-41)
Amended	Article 40 Transitional provision
Inserted	Article 40a Transitional measures related to ESMA
ApplicableEntered into force	Article 41 Entry into force
	Annex I Independence and Avoidance of Conflicts of Interest
Amended	Annex I, Section A Organisational requirements
Amended	Annex I, Section B Operational requirements
Amended	Annex I, Section C Rules on rating analysts and other persons directly involved in credit rating activities
Amended	Annex I, Section D Rules on the presentation of credit ratings and rating outlooks
Amended	Annex I, Section E Disclosures
Amended	Annex II Information to be Provided in the Application for Registration
Amended	Annex III List of infringements referred to in Article 24(1) and Article 36a(1)
Inserted	Annex IV List of the coefficients linked to aggravating and mitigating factors for the application of Article 36a(3)
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