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Regulation 1060/2009/EC - Credit Rating Agencies Regulation - CRAR (Assimilated Law)RecitalsTitle I Subject Matter, Scope and Definitions (arts. 1-5c)Article 1 Subject matterArticle 2 ScopeArticle 3 DefinitionsArticle 4 Use of credit ratingsArticle 5 Equivalence and certification based on equivalenceArticle 5a Over-reliance on credit ratings by financial institutionsArticle 5b Reliance on credit ratings by the European Supervisory Authorities and the European Systemic Risk BoardArticle 5c Over-reliance on credit ratings in Union lawTitle II Issuing of Credit Ratings (arts. 6-13)Article 6 Independence and avoidance of conflicts of interestArticle 6a Conflicts of interest concerning investments in credit rating agenciesArticle 6b Maximum duration of the contractual relationship with a credit rating agencyArticle 7 Rating analysts, employees and other persons involved in the issuing of credit ratingsArticle 8 Methodologies, models and key rating assumptionsArticle 8a Sovereign ratingsArticle 8b Information on structured finance instrumentsArticle 8c Double credit rating of securitisation instrumentsArticle 8d Use of multiple credit rating agenciesArticle 9 OutsourcingArticle 10 Disclosure and presentation of credit ratingsArticle 11 General and periodic disclosuresArticle 11a Public rating databaseArticle 12 Transparency reportArticle 13 Public disclosure feesTitle III Surveillance of Credit Rating Activities (arts. 14-35)Chapter I Registration procedure (arts. 14-20)Article 14 Requirement for registrationArticle 15 Application for registrationArticle 16 Examination of the application for registration of a credit rating agency by the FCAArticle 17 Examination of the applications for registration of a group of credit rating agencies by the FCAArticle 18 Notification of decisionsArticle 18A Upper TribunalArticle 19 Registration and supervisory feesArticle 20 Withdrawal of registrationChapter II Supervision by the FCA (arts. 21-25a)Article 21 The FCAArticle 22 Competent authoritiesArticle 22a Examination of compliance with methodology requirementsArticle 23 Non-interference with content of ratings or methodologiesArticle 23a Exercise of the powers referred to in Articles 23b to 23dArticle 23b Requests for informationArticle 23c General investigationsArticle 23d On-site inspectionsArticle 23e Procedural rules for taking supervisory measures and imposing finesArticle 24 Supervisory measuresArticle 25 Hearing of the persons concernedArticle 25a Sectoral competent authorities responsible for the supervision and enforcement of Article 4(1) and Articles 5a, 8c and 8dChapter III Professional secrecy (ss. 26-33)Article 26 Obligation to cooperateArticle 27 Exchange of informationArticle 28 Cooperation in case of a request with regard to on-site inspections or investigationsArticle 29 Colleges of competent authoritiesArticle 30 Delegation of tasks by ESMA to competent authoritiesArticle 31 Notifications and suspension requests by competent authoritiesArticle 32 Professional secrecyArticle 33 Disclosure of information from another Member StateChapter IV Cooperation with third countries (arts. 34-35)Article 34 Agreement on exchange of informationArticle 35 Disclosure of information from third countriesTitle IIIA Civil liability of credit rating agencies (art. 35a)Article 35a Civil liabilityTitle IV Amendment to Annexes (art. 37)Chapter I Penalties, committee procedure and reporting (arts. 36-39b)Article 36 PenaltiesArticle 36a FinesArticle 36b Periodic penalty paymentsArticle 36c Hearing of the persons subject to the proceedingsArticle 36d Disclosure, nature, enforcement and allocation of fines and periodic penalty paymentsArticle 36e Review by the Court of Justice of the European UnionArticle 37 Amendments to AnnexesArticle 38 Treasury RegulationsArticle 38a Exercise of the delegationArticle 38b Revocation of the delegationArticle 38c Objections to delegated actsArticle 39 ReportsArticle 39a ESMA's staffing and resourcesArticle 39b Reporting obligationsChapter II Transitional and final provisions (arts. 40-41)Article 40 Transitional provisionArticle 40a Transitional measures related to ESMAArticle 41 Entry into forceAnnex I Independence and Avoidance of Conflicts of InterestAnnex I, Section A Organisational requirementsAnnex I, Section B Operational requirementsAnnex I, Section C Rules on rating analysts and other persons directly involved in credit rating activitiesAnnex I, Section D Rules on the presentation of credit ratings and rating outlooksAnnex I, Section E DisclosuresAnnex II Information to be Provided in the Application for RegistrationAnnex IIIAnnex IV List of the coefficients linked to aggravating and mitigating factors for the application of Article 36a(3)Done at
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Version status: In force | Document consolidation status: Assimilated law updated to reflect all known changes
Published date: 17 November 2009

Regulation 1060/2009/EC - Credit Rating Agencies Regulation - CRAR (Assimilated Law)

To be revoked by virtue of Sch. 1 Pt 1 to the Financial Services and Markets Act 2023 (c. 29) (FSMA 2023), Sch. 1 Pt 1 not yet fully commenced.

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