1. Where a credit rating agency enters into a contract for the issuing of credit ratings on re-securitisations, it shall not issue credit ratings on new re-securitisations with underlying assets from the same originator for a period exceeding four years.
2. Where a credit rating agency enters into a contract for rating re-securitisations, it shall request that the issuer:
(a) determine the number of credit rating agencies which have a contractual relationship for the issuing of credit ratings on re-securitisations with underlying assets from the same originator;
(b) calculate the percentage of the total number of outstanding rated re-securitisations with underlying assets from the same originator for which each credit rating agency issues credit ratings.
Where at least four credit rating agencies each rate more than 10 % of the total number of outstanding rated resecuritisations, the limitations set out in paragraph 1 shall not apply.
The exemption set out in the second subparagraph sh
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