Annex IX Programme of Operations
Business concept/Business development
1. The following information regarding the CRA's business activities:
(a) a description of the macroeconomic environment in which the credit rating agency is expected to operate;
(b) an indication of future plans for the establishment of subsidiaries or branches and their location; and
(c) a description of the business activities which the credit rating agency plans to carry out, specifying the activities of subsidiaries and branches. The information shall include classes of credit ratings, potential clients and non-rating activities.
2. The following information regarding the class of credit ratings:
(a) details of whether the credit rating agency plans to produce solicited or unsolicited ratings or both;
(b) for each class of credit ratings planned to be issued by the credit rating agency, an estimation on the proportion of public ratings and private ratings:
(c) the number of public/sovereign ratings;
(d) the number and volume (in billions of pounds sterling) of structured finance ratings;