Version status: Repealed | Document consolidation status: Updated to reflect all known changes
Version date: 13 January 2019 - onwards
  Version 3 of 3    

Article 1 Amendment to Directive 2003/41/EC

Repealed from 13 January 2019

In Article 18 of Directive 2003/41/EC, the following paragraph is inserted:

'1a. Taking into account the nature, scale and complexity of the activities of the institutions supervised, Member States shall ensure that the competent authorities monitor the adequacy of the institutions' credit assessment processes, assess the use of references to credit ratings issued by credit rating agencies as defined in Article 3(1)(b) of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies [OJ L 302, 17.11.2009, p. 1.], in their investment policies and, where appropriate, encourage mitigation of the impact of such references, with a view to reducing sole and mechanistic reliance on such credit ratings.'.