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Commission Delegated Regulation (EU) No 449/2012 of 21 March 2012 supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with regard to regulatory technical standards on information for registration and certification of credit rating agencies (Assimilated Law)RecitalsChapter 1 Subject matter (art. 1)Article 1 Subject matterChapter 2 Registration (arts. 2-25)Section 1 General (arts. 2-7)Article 2 Format of the applicationArticle 3 Attestation of the accuracy and completeness of the applicationArticle 4 Number of employeesArticle 5 Class of credit ratingsArticle 6 Policies and proceduresArticle 7 Identification, legal status and class of credit ratingsSection 2 Ownership structure (arts. 8-9)Article 8 Owners and parent undertaking of a credit rating agencyArticle 9 Ownership chartSection 3 Organisational structure and corporate governance (arts. 10-12)Article 10 Organisational chartArticle 11 Organisational structureArticle 12 Corporate governanceSection 4 Financial resources for the performance of credit rating activities (art. 13)Article 13 Financial reportsSection 5 Staffing and compensation (arts. 14-15)Article 14 Staffing policies and proceduresArticle 15 Fitness and appropriatenessSection 6 Issuance and review of credit ratings (arts. 16-18)Article 16 Development, validation, review and disclosure of rating methodologiesArticle 17 Issuance of credit ratingsArticle 18 Monitoring of credit ratingsSection 7 Description of issue and review procedures and methodologies (art. 19)Article 19 Credit rating presentation requirementsSection 8 Conflicts of interest (arts. 20-22)Article 20 Independence and avoidance of conflicts of interestArticle 21 Inventory of conflicts of interestArticle 22 Conflicts of interest with respect to ancillary servicesSection 9 Programme of operations (art. 23)Article 23 Information regarding the programme of operationsSection 10 Use of endorsement (art. 24)Article 24 Expected use of endorsementSection 11 Outsourcing (art. 25)Article 25 Outsourcing requirementsChapter 3 Certification (arts. 26-28)Section 1 Application for certification (arts. 26-27)Article 26 Information for application for certificationArticle 27 General requirements for the application for certificationSection 2 Systemic importance (art. 28)Article 28 Systemic importanceChapter 4 Final Provisions (art. 29)Article 29 Entry into forceAnnex I Document ReferencesAnnex II General InformationAnnex III Information to be Presented with Regard to the Ownership StructureAnnex IV Organisational StructureAnnex V Information to be Presented with Regard to Corporate GovernanceAnnex VI Self declarationAnnex VII Issuance and review of credit ratingsAnnex VIII Independence and avoidance of Conflicts of InterestAnnex IX Programme of OperationsAnnex X Record Keeping, Business Continuity Planning and Information SystemsAnnex XI Use of EndorsementAnnex XII Systemic Importance IndicatorsDone at
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Version status: In force | Document consolidation status: Assimilated law updated to reflect all known changes
Version date: 31 December 2020 - onwards
Version 2 of 2

Article 1 Subject matter

This Regulation lays down the rules which determine the information to be provided to the Financial Conduct Authority (“FCA”) by a credit rating agency in its application for:

(a) registration, as set out in Annex II to Regulation (EC) No 1060/2009; or

(b) certification and for the assessment of its systemic importance to the financial stability or integrity of financial markets referred to in Article 5 of Regulation (EC) No 1060/2009.

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