1. This Regulation applies to credit ratings issued by credit rating agencies registered in the United Kingdom and which are disclosed publicly or distributed by subscription.

2. This Regulation does not apply to:

(a) private credit ratings produced pursuant to an individual order and provided exclusively to the person who placed the order and which are not intended for public disclosure or distribution by subscription;

(b) credit scores, credit scoring systems or similar assessments related to obligations arising from consumer, commercial or industrial relationships;

(c) credit ratings produced by export credit agencies in accordance with Article 114 and Article 137 of Regulation (EU) No 575/2013; or

(d) credit ratings produced by central banks and which:

(i) are not paid for by the rated entity;

(ii) are not disclosed to the public;

(iii) are issued in accordance with the principles, standards and procedures which ensure the adequate integrity and independence of credit rating activities as provided for by this Regulation; and