What changed, Regulation (EC) No 1060/2009

+ ## TITLE I / SUBJECT MATTER, SCOPE AND DEFINITIONS
− ### art_1
+ ### Article 1 — Subject matter
− Article 1
+ ### Article 2 — Scope
− ### art_2
− 
− Article 2
+ 
+ (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 point 1.3 of Part 1 of Annex VI to Directive 2006/48/EC; or
+ 
+ (d) credit ratings produced by the central banks and which:
+ 
+ (i) are not paid for by the rated entity;
− | (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; |
− | --- | --- |
+ (ii) are not disclosed to the public;
− | (b) | credit scores, credit scoring systems or similar assessments related to obligations arising from consumer, commercial or industrial relationships; |
− | --- | --- |
+ (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
− | (c) | credit ratings produced by export credit agencies in accordance with point 1.3 of Part 1 of Annex VI to Directive 2006/48/EC; or |
− | --- | --- |
+ (iv) do not relate to financial instruments issued by the respective central banks’ Member States.
− | (d) | credit ratings produced by the 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 p…
− | --- | --- |
− | (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 |
− | (iv) | do not relate to financial instruments issued by the respective central banks’ Member States. |
− 
− ### art_3
+ ### Article 3 — Definitions
− Article 3
+ (a) ‘credit rating’ means an opinion regarding the creditworthiness of an entity, a debt or financial obligation, debt security, preferred share or other financial instrument, or of an issuer of such a debt or financial obligation, debt security, preferred share or other financial instrument, issued…
− | (a) | ‘credit rating’ means an opinion regarding the creditworthiness of an entity, a debt or financial obligation, debt security, preferred share or other financial instrument, or of an issuer of such a debt or financial obligation, debt security, preferred share or other financial instrument, is…
− | --- | --- |
+ (b) ‘credit rating agency’ means a legal person whose occupation includes the issuing of credit ratings on a professional basis;
− | (b) | ‘credit rating agency’ means a legal person whose occupation includes the issuing of credit ratings on a professional basis; |
− | --- | --- |
+ (c) ‘home Member State’ means the Member State in which the credit rating agency has its registered office;
− | (c) | ‘home Member State’ means the Member State in which the credit rating agency has its registered office; |
− | --- | --- |
+ (d) ‘rating analyst’ means a person who performs analytical functions that are necessary for the issuing of a credit rating;
− | (d) | ‘rating analyst’ means a person who performs analytical functions that are necessary for the issuing of a credit rating; |
− | --- | --- |
+ (e) ‘lead rating analyst’ means a person with primary responsibility for elaborating a credit rating or for communicating with the issuer with respect to a particular credit rating or, generally, with respect to the credit rating of a financial instrument issued by that issuer and, where relevant, f…
− | (e) | ‘lead rating analyst’ means a person with primary responsibility for elaborating a credit rating or for communicating with the issuer with respect to a particular credit rating or, generally, with respect to the credit rating of a financial instrument issued by that issuer and, where relevan…
− | --- | --- |
+ (f) ‘rated entity’ means a legal person whose creditworthiness is explicitly or implicitly rated in the credit rating, whether or not it has solicited that credit rating and whether or not it has provided information for that credit rating;
− | (f) | ‘rated entity’ means a legal person whose creditworthiness is explicitly or implicitly rated in the credit rating, whether or not it has solicited that credit rating and whether or not it has provided information for that credit rating; |
− | --- | --- |
+ (g) ‘regulatory purposes’ means the use of credit ratings for the specific purpose of complying with Community law, as implemented by the national legislation of the Member States;
− | (g) | ‘regulatory purposes’ means the use of credit ratings for the specific purpose of complying with Community law, as implemented by the national legislation of the Member States; |
− | --- | --- |
+ (h) ‘rating category’ means a rating symbol, such as a letter or numerical symbol which might be accompanied by appending identifying characters, used in a credit rating to provide a relative measure of risk to distinguish the different risk characteristics of the types of rated entities, issuers an…
− | (h) | ‘rating category’ means a rating symbol, such as a letter or numerical symbol which might be accompanied by appending identifying characters, used in a credit rating to provide a relative measure of risk to distinguish the different risk characteristics of the types of rated entities, issuer…
− | --- | --- |
+ (i) ‘related third party’ means the originator, arranger, sponsor, servicer or any other party that interacts with a credit rating agency on behalf of a rated entity, including any person directly or indirectly linked to that rated entity by control;
− | (i) | ‘related third party’ means the originator, arranger, sponsor, servicer or any other party that interacts with a credit rating agency on behalf of a rated entity, including any person directly or indirectly linked to that rated entity by control; |
− | --- | --- |
+ (j) ‘control’ means the relationship between a parent undertaking and a subsidiary, as described in Article 1 of Council Directive 83/349/EEC of 13 June 1983 on consolidated accounts (16), or a close link between any natural or legal person and an undertaking;
− | (j) | ‘control’ means the relationship between a parent undertaking and a subsidiary, as described in Article 1 of Council Directive 83/349/EEC of 13 June 1983 on consolidated accounts (16), or a close link between any natural or legal person and an undertaking; |
− | --- | --- |
+ (k) ‘financial instrument’ means any of the instruments listed in Section C of Annex I to Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments (17);
− | (k) | ‘financial instrument’ means any of the instruments listed in Section C of Annex I to Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments (17); |
− | --- | --- |
+ (l) ‘structured finance instrument’ means a financial instrument or other assets resulting from a securitisation transaction or scheme referred to in Article 4(36) of Directive 2006/48/EC;
− | (l) | ‘structured finance instrument’ means a financial instrument or other assets resulting from a securitisation transaction or scheme referred to in Article 4(36) of Directive 2006/48/EC; |
− | --- | --- |
+ (m) ‘group of credit rating agencies’ means a group of undertakings established in the Community consisting of a parent undertaking and its subsidiaries within the meaning of Articles 1 and 2 of Directive 83/349/EEC as well as undertakings linked to each other by a relationship within the meaning of…
− | (m) | ‘group of credit rating agencies’ means a group of undertakings established in the Community consisting of a parent undertaking and its subsidiaries within the meaning of Articles 1 and 2 of Directive 83/349/EEC as well as undertakings linked to each other by a relationship within the meanin…
− | --- | --- |
+ (n) ‘senior management’ means the person or persons who effectively direct the business of the credit rating agency and the member or members of its administrative or supervisory board;
− | (n) | ‘senior management’ means the person or persons who effectively direct the business of the credit rating agency and the member or members of its administrative or supervisory board; |
− | --- | --- |
+ (o) ‘credit rating activities’ means data and information analysis and the evaluation, approval, issuing and review of credit ratings.
− | (o) | ‘credit rating activities’ means data and information analysis and the evaluation, approval, issuing and review of credit ratings. |
− | --- | --- |
+ (a) recommendations within the meaning of Article 1(3) of Commission Directive 2003/125/EC (18);
− | (a) | recommendations within the meaning of Article 1(3) of Commission Directive 2003/125/EC (18); |
− | --- | --- |
+ (b) investment research as defined in Article 24(1) of Directive 2006/73/EC (19) and other forms of general recommendation, such as ‘buy’, ‘sell’ or ‘hold’, relating to transactions in financial instruments or to financial obligations; or
− | (b) | investment research as defined in Article 24(1) of Directive 2006/73/EC (19) and other forms of general recommendation, such as ‘buy’, ‘sell’ or ‘hold’, relating to transactions in financial instruments or to financial obligations; or |
− | --- | --- |
+ (c) opinions about the value of a financial instrument or a financial obligation.
− | (c) | opinions about the value of a financial instrument or a financial obligation. |
− | --- | --- |
− 
− ### art_4
+ ### Article 4 — Use of credit ratings
− Article 4
+ 
+ (a) the credit rating activities resulting in the issuing of the credit rating to be endorsed are undertaken in whole or in part by the endorsing credit rating agency or by credit rating agencies belonging to the same group;
+ (b) the credit rating agency has verified and is able to demonstrate on an ongoing basis to the competent authority of the home Member State that the conduct of credit rating activities by the third-country credit rating agency resulting in the issuing of the credit rating to be endorsed fulfils req…
+ 
+ (c) the ability of the competent authority of the home Member State of the endorsing credit rating agency or the college of competent authorities referred to in Article 29 (college) to assess and monitor the compliance of the credit rating agency established in the third country with the requirement…
− | (a) | the credit rating activities resulting in the issuing of the credit rating to be endorsed are undertaken in whole or in part by the endorsing credit rating agency or by credit rating agencies belonging to the same group; |
− | --- | --- |
+ (d) the credit rating agency makes available on request to the competent authority of the home Member State all the information necessary to enable that competent authority to supervise on an ongoing basis the compliance with the requirements of this Regulation;
− | (b) | the credit rating agency has verified and is able to demonstrate on an ongoing basis to the competent authority of the home Member State that the conduct of credit rating activities by the third-country credit rating agency resulting in the issuing of the credit rating to be endorsed fulfils…
− | --- | --- |
+ (e) there is an objective reason for the credit rating to be elaborated in a third country;
− | (c) | the ability of the competent authority of the home Member State of the endorsing credit rating agency or the college of competent authorities referred to in Article 29 (college) to assess and monitor the compliance of the credit rating agency established in the third country with the require…
− | --- | --- |
+ (f) the credit rating agency established in the third country is authorised or registered, and is subject to supervision, in that third country;
− | (d) | the credit rating agency makes available on request to the competent authority of the home Member State all the information necessary to enable that competent authority to supervise on an ongoing basis the compliance with the requirements of this Regulation; |
− | --- | --- |
+ (g) the regulatory regime in that third country prevents interference by the competent authorities and other public authorities of that third country with the content of credit ratings and methodologies; and
− | (e) | there is an objective reason for the credit rating to be elaborated in a third country; |
− | --- | --- |
+ (h) there is an appropriate cooperation arrangement between the competent authority of the home Member State of the endorsing credit rating agency and the relevant competent authority of the credit rating agency established in a third country. The competent authority of the home Member State shall e…
− | (f) | the credit rating agency established in the third country is authorised or registered, and is subject to supervision, in that third country; |
− | --- | --- |
+ (i) the mechanism for the exchange of information between the competent authorities concerned; and
− | (g) | the regulatory regime in that third country prevents interference by the competent authorities and other public authorities of that third country with the content of credit ratings and methodologies; and |
− | --- | --- |
+ (ii) the procedures concerning the coordination of supervisory activities in order to enable the competent authority of the home Member State of the endorsing credit rating agency to monitor credit rating activities resulting in the issuing of the endorsed credit rating on an ongoing basis.
− | (h) | there is an appropriate cooperation arrangement between the competent authority of the home Member State of the endorsing credit rating agency and the relevant competent authority of the credit rating agency established in a third country. The competent authority of the home Member State sha…
− | --- | --- |
− | (i) | the mechanism for the exchange of information between the competent authorities concerned; and |
− | (ii) | the procedures concerning the coordination of supervisory activities in order to enable the competent authority of the home Member State of the endorsing credit rating agency to monitor credit rating activities resulting in the issuing of the endorsed credit rating on an ongoing basis. |
+ ### Article 5 — Equivalence and certification based on equivalence
− ### art_5
− 
− Article 5
+ (a) the credit rating agency is authorised or registered in and is subject to supervision in that third country;
− | (a) | the credit rating agency is authorised or registered in and is subject to supervision in that third country; |
− | --- | --- |
+ (b) the Commission has adopted an equivalence decision in accordance with paragraph 6 of this Article, recognising the legal and supervisory framework of that third country as equivalent to the requirements of this Regulation;
− | (b) | the Commission has adopted an equivalence decision in accordance with paragraph 6 of this Article, recognising the legal and supervisory framework of that third country as equivalent to the requirements of this Regulation; |
− | --- | --- |
+ (c) the cooperation arrangements referred to in paragraph 7 of this Article are operational;
− | (c) | the cooperation arrangements referred to in paragraph 7 of this Article are operational; |
− | --- | --- |
+ (d) the credit ratings issued by the credit rating agency and its credit rating activities are not of systemic importance to the financial stability or integrity of the financial markets of one or more Member States; and
− | (d) | the credit ratings issued by the credit rating agency and its credit rating activities are not of systemic importance to the financial stability or integrity of the financial markets of one or more Member States; and |
− | --- | --- |
+ (e) the credit rating agency is certified in accordance with paragraph 2 of this Article.
− | (e) | the credit rating agency is certified in accordance with paragraph 2 of this Article. |
− | --- | --- |
+ (a) on a case-by-case basis from complying with some or all of the requirements set out in Section A of Annex I and Article 7(4) if the credit rating agency is able to demonstrate that the requirements are not proportionate in view of the nature, scale and complexity of its business and the nature a…
− | (a) | on a case-by-case basis from complying with some or all of the requirements set out in Section A of Annex I and Article 7(4) if the credit rating agency is able to demonstrate that the requirements are not proportionate in view of the nature, scale and complexity of its business and the natu…
− | --- | --- |
+ (b) from the requirement of physical presence in the Community where such a requirement would be too burdensome and disproportionate in view of the nature, scale and complexity of its business and the nature and range of its issuing of credit ratings.
− | (b) | from the requirement of physical presence in the Community where such a requirement would be too burdensome and disproportionate in view of the nature, scale and complexity of its business and the nature and range of its issuing of credit ratings. |
− | --- | --- |
+ (a) credit rating agencies in that third country are subject to authorisation or registration and are subject to effective supervision and enforcement on an ongoing basis;
− | (a) | credit rating agencies in that third country are subject to authorisation or registration and are subject to effective supervision and enforcement on an ongoing basis; |
− | --- | --- |
+ (b) credit rating agencies in that third country are subject to legally binding rules which are equivalent to those set out in Articles 6 to 12 and Annex I; and
− | (b) | credit rating agencies in that third country are subject to legally binding rules which are equivalent to those set out in Articles 6 to 12 and Annex I; and |
− | --- | --- |
+ (c) the regulatory regime in that third country prevents interference by the supervisory authorities and other public authorities of that third country with the content of credit ratings and methodologies.
− | (c) | the regulatory regime in that third country prevents interference by the supervisory authorities and other public authorities of that third country with the content of credit ratings and methodologies. |
− | --- | --- |
+ (a) the mechanism for the exchange of information between the competent authorities concerned; and
− | (a) | the mechanism for the exchange of information between the competent authorities concerned; and |
− | --- | --- |
+ (b) the procedures concerning the coordination of supervisory activities.
− | (b) | the procedures concerning the coordination of supervisory activities. |
− | --- | --- |
+ 8. Articles 20, 24 and 25 shall apply *mutatis mutandis* to certified credit rating agencies and to credit ratings issued by them.
− 8. Articles 20, 24 and 25 shall apply mutatis mutandis to certified credit rating agencies and to credit ratings issued by them.
+ ## TITLE II / ISSUING OF CREDIT RATINGS
− ### art_6
+ ### Article 6 — Independence and avoidance of conflicts of interest
− Article 6
+ (a) the credit rating agency has fewer than 50 employees;
− | (a) | the credit rating agency has fewer than 50 employees; |
− | --- | --- |
+ (b) the credit rating agency has implemented measures and procedures, in particular internal control mechanisms, reporting arrangements and measures ensuring independence of rating analysts and persons approving credit ratings, which ensure the effective compliance with the objectives of this Regula…
− | (b) | the credit rating agency has implemented measures and procedures, in particular internal control mechanisms, reporting arrangements and measures ensuring independence of rating analysts and persons approving credit ratings, which ensure the effective compliance with the objectives of this Re…
− | --- | --- |
+ (c) the size of the credit rating agency is not determined in such a way as to avoid compliance with the requirements of this Regulation by a credit rating agency or a group of credit rating agencies.
− | (c) | the size of the credit rating agency is not determined in such a way as to avoid compliance with the requirements of this Regulation by a credit rating agency or a group of credit rating agencies. |
− | --- | --- |
+ ### Article 7 — Rating analysts, employees and other persons involved in the issuing of credit ratings
− ### art_7
− Article 7
− 
+ ### Article 8 — Methodologies, models and key rating assumptions
− ### art_8
− 
− Article 8
+ (a) immediately, using the same means of communication as used for the distribution of the affected credit ratings, disclose the likely scope of credit ratings to be affected;
− | (a) | immediately, using the same means of communication as used for the distribution of the affected credit ratings, disclose the likely scope of credit ratings to be affected; |
− | --- | --- |
+ (b) review the affected credit ratings as soon as possible and no later than six months after the change, in the meantime placing those ratings under observation; and
− | (b) | review the affected credit ratings as soon as possible and no later than six months after the change, in the meantime placing those ratings under observation; and |
− | --- | --- |
− 
− | (c) | re-rate all credit ratings that have been based on those methodologies, models or key rating assumptions if, following the review, the overall combined effect of the changes affects those credit ratings. |
− | --- | --- |
+ (c) re-rate all credit ratings that have been based on those methodologies, models or key rating assumptions if, following the review, the overall combined effect of the changes affects those credit ratings.
− ### art_9
+ ### Article 9 — Outsourcing
− Article 9
+ ### Article 10 — Disclosure and presentation of credit ratings
− ### art_10
− Article 10
− 
+ ### Article 11 — General and periodic disclosures
− ### art_11
− Article 11
− 
+ ### Article 12 — Transparency report
− ### art_12
− 
− Article 12
− 
− ### art_13
+ ### Article 13 — Public disclosure fees
− Article 13
+ ## CHAPTER I / Registration procedure
− ### art_14
+ ### Article 14 — Requirement for registration
− Article 14
+ ### Article 15 — Application for registration
− ### art_15
− 
− Article 15
+ ### Article 16 — Examination of the application for registration of a credit rating agency by the competent authorities
− ### art_16
− Article 16
− 
+ (a) jointly examine the application for registration; and
− | (a) | jointly examine the application for registration; and |
− | --- | --- |
+ (b) do everything reasonable within their power to reach an agreement on whether to grant or refuse registration of the credit rating agency based on the compliance of the credit rating agency with the conditions set out in this Regulation.
− | (b) | do everything reasonable within their power to reach an agreement on whether to grant or refuse registration of the credit rating agency based on the compliance of the credit rating agency with the conditions set out in this Regulation. |
− | --- | --- |
+ (a) envisages endorsing credit ratings as referred to in Article 4(3);
− | (a) | envisages endorsing credit ratings as referred to in Article 4(3); |
− | --- | --- |
+ (b) envisages using outsourcing; or
− | (b) | envisages using outsourcing; or |
− | --- | --- |
+ (c) requests exemption from compliance in accordance with Article 6(3).
− | (c) | requests exemption from compliance in accordance with Article 6(3). |
− | --- | --- |
+ ### Article 17 — Examination of the applications for registration of a group of credit rating agencies by the competent authorities
− ### art_17
− Article 17
− 
+ (a) jointly examine the applications for registration; and
− | (a) | jointly examine the applications for registration; and |
− | --- | --- |
+ (b) do everything reasonable within their power to reach an agreement on whether to grant or refuse registration of the members of the group of credit rating agencies based on the compliance of those credit rating agencies with the conditions set out in this Regulation.
− | (b) | do everything reasonable within their power to reach an agreement on whether to grant or refuse registration of the members of the group of credit rating agencies based on the compliance of those credit rating agencies with the conditions set out in this Regulation. |
− | --- | --- |
+ (a) envisages endorsing credit ratings as referred to in Article 4(3);
− | (a) | envisages endorsing credit ratings as referred to in Article 4(3); |
− | --- | --- |
+ (b) envisages using outsourcing; or
− | (b) | envisages using outsourcing; or |
− | --- | --- |
+ (c) requests exemption from compliance in accordance with Article 6(3).
− | (c) | requests exemption from compliance in accordance with Article 6(3). |
− | --- | --- |
+ ### Article 18 — Notification of the decision on the registration, refusal of registration or the withdrawal of registration of a credit rating agency
− ### art_18
− 
− Article 18
+ 3. The Commission shall publish in the *Official Journal of the European Union* and on its website a list of credit rating agencies registered in accordance with this Regulation. That list shall be updated within 30 days of the notification referred to in paragraph 2.
− 3. The Commission shall publish in the Official Journal of the European Union and on its website a list of credit rating agencies registered in accordance with this Regulation. That list shall be updated within 30 days of the notification referred to in paragraph 2.
+ ### Article 19 — Registration and supervisory fees
− ### art_19
− Article 19
− 
+ ### Article 20 — Withdrawal of registration
− ### art_20
− 
− Article 20
+ (a) expressly renounces the registration or has provided no credit ratings for the preceding six months;
− | (a) | expressly renounces the registration or has provided no credit ratings for the preceding six months; |
− | --- | --- |
+ (b) has obtained the registration by making false statements or by any other irregular means;
− | (b) | has obtained the registration by making false statements or by any other irregular means; |
− | --- | --- |
+ (c) no longer meets the conditions under which it was registered; or
− | (c) | no longer meets the conditions under which it was registered; or |
− | --- | --- |
+ (d) has seriously or repeatedly infringed the provisions of this Regulation governing the operating conditions for credit rating agencies.
− | (d) | has seriously or repeatedly infringed the provisions of this Regulation governing the operating conditions for credit rating agencies. |
− | --- | --- |
+ ## CHAPTER II / CESR and competent authorities
− ### art_21
+ ### Article 21 — Committee of European Securities Regulators
− Article 21
+ (a) the registration process and coordination arrangements between competent authorities and with CESR, including on the information set out in Annex II, and language regime for applications submitted to CESR;
− | (a) | the registration process and coordination arrangements between competent authorities and with CESR, including on the information set out in Annex II, and language regime for applications submitted to CESR; |
− | --- | --- |
+ (b) the operational functioning of the colleges, including on the modalities for determining the membership to the colleges, the application of the criteria for the selection of the facilitator referred to in Article 29(5)(a) to (d), the written arrangements for the operation of colleges and the coo…
− | (b) | the operational functioning of the colleges, including on the modalities for determining the membership to the colleges, the application of the criteria for the selection of the facilitator referred to in Article 29(5)(a) to (d), the written arrangements for the operation of colleges and the…
− | --- | --- |
+ (c) the application of the endorsement regime under Article 4(3) by competent authorities; and
− | (c) | the application of the endorsement regime under Article 4(3) by competent authorities; and |
− | --- | --- |
+ (d) common standards on the presentation of the information, including structure, format, method and period of reporting, that credit rating agencies shall disclose in accordance with Article 11(2) and point 1 of Part II of Section E of Annex I.
− | (d) | common standards on the presentation of the information, including structure, format, method and period of reporting, that credit rating agencies shall disclose in accordance with Article 11(2) and point 1 of Part II of Section E of Annex I. |
− | --- | --- |
+ (a) enforcement practices and activities to be conducted by competent authorities under this Regulation;
− | (a) | enforcement practices and activities to be conducted by competent authorities under this Regulation; |
− | --- | --- |
+ (b) common standards for assessment of compliance of credit rating methodologies with the requirements set out in Article 8(3);
− | (b) | common standards for assessment of compliance of credit rating methodologies with the requirements set out in Article 8(3); |
− | --- | --- |
+ (c) types of measures referred to in Article 24(1)(d) to ensure that credit rating agencies continue to comply with legal requirements; and
− | (c) | types of measures referred to in Article 24(1)(d) to ensure that credit rating agencies continue to comply with legal requirements; and |
− | --- | --- |
+ (d) information that the credit rating agency must provide for the application for certification and for the assessment of its systemic importance to the financial stability or integrity of financial markets referred to in Article 5.
− | (d) | information that the credit rating agency must provide for the application for certification and for the assessment of its systemic importance to the financial stability or integrity of financial markets referred to in Article 5. |
− | --- | --- |
+ ### Article 22 — Competent authorities
− ### art_22
− Article 22
− 
+ ### Article 23 — Powers of competent authorities
− ### art_23
− Article 23
− 
+ (a) directly;
− | (a) | directly; |
− | --- | --- |
+ (b) in collaboration with other authorities; or
− | (b) | in collaboration with other authorities; or |
− | --- | --- |
+ (c) by application to the competent judicial authorities.
− | (c) | by application to the competent judicial authorities. |
− | --- | --- |
+ (a) access any document in any form and to receive or take a copy thereof;
− | (a) | access any document in any form and to receive or take a copy thereof; |
− | --- | --- |
+ (b) demand information from any person and if necessary to summon and question a person with a view to obtaining information;
− | (b) | demand information from any person and if necessary to summon and question a person with a view to obtaining information; |
− | --- | --- |
+ (c) carry out on-site inspections with or without announcement; and
− | (c) | carry out on-site inspections with or without announcement; and |
− | --- | --- |
+ (d) require records of telephone and data traffic.
− | (d) | require records of telephone and data traffic. |
− | --- | --- |
+ ### Article 24 — Supervisory measures by the competent authorities of the home Member State
− ### art_24
− Article 24
− 
+ (a) withdraw the registration of that credit rating agency in accordance with Article 20;
− | (a) | withdraw the registration of that credit rating agency in accordance with Article 20; |
− | --- | --- |
+ (b) temporarily prohibit that credit rating agency from issuing credit ratings with effect throughout the Community;
− | (b) | temporarily prohibit that credit rating agency from issuing credit ratings with effect throughout the Community; |
− | --- | --- |
+ (c) suspend the use, for regulatory purposes, of the credit ratings issued by that credit rating agency with effect throughout the Community;
− | (c) | suspend the use, for regulatory purposes, of the credit ratings issued by that credit rating agency with effect throughout the Community; |
− | --- | --- |
+ (d) take appropriate measures to ensure that credit rating agencies continue to comply with legal requirements;
− | (d) | take appropriate measures to ensure that credit rating agencies continue to comply with legal requirements; |
− | --- | --- |
+ (e) issue public notices;
− | (e) | issue public notices; |
− | --- | --- |
+ (f) refer matters for criminal prosecution to its relevant national authorities.
− | (f) | refer matters for criminal prosecution to its relevant national authorities. |
− | --- | --- |
+ (a) ten working days if there are credit ratings of the same financial instrument or entity issued by other credit rating agencies registered under this Regulation; or
− | (a) | ten working days if there are credit ratings of the same financial instrument or entity issued by other credit rating agencies registered under this Regulation; or |
− | --- | --- |
+ (b) three months if there are no credit ratings of the same financial instrument or entity issued by other credit rating agencies registered under this Regulation.
− | (b) | three months if there are no credit ratings of the same financial instrument or entity issued by other credit rating agencies registered under this Regulation. |
− | --- | --- |
+ ### Article 25 — Supervisory measures by competent authorities other than the competent authority of the home Member State
− ### art_25
− 
− Article 25
+ (a) adopt the supervisory measures referred to in Article 24(1)(e) and (f);
− | (a) | adopt the supervisory measures referred to in Article 24(1)(e) and (f); |
− | --- | --- |
+ (b) adopt measures referred to in Article 24(1)(d) within its jurisdiction and, where so doing, duly consider the measures already taken or envisaged by the competent authority of the home Member State;
− | (b) | adopt measures referred to in Article 24(1)(d) within its jurisdiction and, where so doing, duly consider the measures already taken or envisaged by the competent authority of the home Member State; |
− | --- | --- |
+ (c) impose the suspension of the use of credit ratings of that credit rating agency for regulatory purposes by institutions referred to in Article 4(1) whose registered office is located within its jurisdiction, subject to the transitional period referred to in Article 24(2);
− | (c) | impose the suspension of the use of credit ratings of that credit rating agency for regulatory purposes by institutions referred to in Article 4(1) whose registered office is located within its jurisdiction, subject to the transitional period referred to in Article 24(2); |
− | --- | --- |
+ (d) request the relevant college to examine whether the measures referred to in points (b), (c) or (d) of Article 24(1) are needed.
− | (d) | request the relevant college to examine whether the measures referred to in points (b), (c) or (d) of Article 24(1) are needed. |
− | --- | --- |
+ ## CHAPTER III / Cooperation between competent authorities
− ### art_26
+ ### Article 26 — Obligation to cooperate
− Article 26
− 
− ### art_27
+ ### Article 27 — Exchange of information
− Article 27
+ ### Article 28 — Cooperation in case of a request with regard to on-site inspections or investigations
− ### art_28
− 
− Article 28
+ (a) carry out the on-site inspection or investigation itself;
− | (a) | carry out the on-site inspection or investigation itself; |
− | --- | --- |
+ (b) allow the competent authority which submitted the request to participate in an on-site inspection or investigation;
− | (b) | allow the competent authority which submitted the request to participate in an on-site inspection or investigation; |
− | --- | --- |
+ (c) allow the competent authority which submitted the request to carry out the on-site inspection or investigation itself;
− | (c) | allow the competent authority which submitted the request to carry out the on-site inspection or investigation itself; |
− | --- | --- |
+ (d) appoint auditors or experts to carry out the on-site inspection or investigation; or
− | (d) | appoint auditors or experts to carry out the on-site inspection or investigation; or |
− | --- | --- |
+ (e) share specific tasks related to supervisory activities with the other competent authorities.
− | (e) | share specific tasks related to supervisory activities with the other competent authorities. |
− | --- | --- |
+ ### Article 29 — Colleges of competent authorities
− ### art_29
− 
− Article 29
+ (a) a branch which is a part of the credit rating agency or of one of the undertakings in the group of credit rating agencies is established within its jurisdiction; or
− | (a) | a branch which is a part of the credit rating agency or of one of the undertakings in the group of credit rating agencies is established within its jurisdiction; or |
− | --- | --- |
+ (b) the use for regulatory purposes of credit ratings issued by the credit rating agency or the group of credit rating agencies concerned is widespread or has or is likely to have a significant impact within its jurisdiction.
− | (b) | the use for regulatory purposes of credit ratings issued by the credit rating agency or the group of credit rating agencies concerned is widespread or has or is likely to have a significant impact within its jurisdiction. |
− | --- | --- |
+ (a) the relationship between the competent authority and the credit rating agency or the group of credit rating agencies;
− | (a) | the relationship between the competent authority and the credit rating agency or the group of credit rating agencies; |
− | --- | --- |
+ (b) the extent to which credit ratings will be used for regulatory purposes in a particular territory or territories;
− | (b) | the extent to which credit ratings will be used for regulatory purposes in a particular territory or territories; |
− | --- | --- |
+ (c) the place in the Community where the credit rating agency or group of credit rating agencies pursues or is planning to pursue the most important part of its credit rating activities; and
− | (c) | the place in the Community where the credit rating agency or group of credit rating agencies pursues or is planning to pursue the most important part of its credit rating activities; and |
− | --- | --- |
+ (d) administrative convenience, burden optimisation, and an appropriate distribution of the workload.
− | (d) | administrative convenience, burden optimisation, and an appropriate distribution of the workload. |
− | --- | --- |
+ (a) information to be exchanged between competent authorities;
− | (a) | information to be exchanged between competent authorities; |
− | --- | --- |
+ (b) the decision-making process between the competent authorities, without prejudice to Articles 16, 17, and 20;
− | (b) | the decision-making process between the competent authorities, without prejudice to Articles 16, 17, and 20; |
− | --- | --- |
+ (c) cases in which the competent authorities must consult each other;
− | (c) | cases in which the competent authorities must consult each other; |
− | --- | --- |
+ (d) cases in which the competent authorities must apply the mediation mechanism referred to in Article 31; and
− | (d) | cases in which the competent authorities must apply the mediation mechanism referred to in Article 31; and |
− | --- | --- |
+ (e) cases in which the competent authorities may delegate supervisory tasks in accordance with Article 30.
− | (e) | cases in which the competent authorities may delegate supervisory tasks in accordance with Article 30. |
− | --- | --- |
+ ### Article 30 — Delegation of tasks between competent authorities
− ### art_30
− 
− Article 30
− 
− ### art_31
+ ### Article 31 — Mediation
− Article 31
+ ### Article 32 — Professional secrecy
− ### art_32
− 
− Article 32
+ ### Article 33 — Disclosure of information from another Member State
− ### art_33
− 
− Article 33
+ ## CHAPTER IV / Cooperation with third countries
− ### art_34
+ ### Article 34 — Agreement on exchange of information
− Article 34
+ ### Article 35 — Disclosure of information from third countries
− ### art_35
− Article 35
− 
+ ## CHAPTER I / Penalties, committee procedure and reporting
− ### art_36
+ ### Article 36 — Penalties
− Article 36
+ ### Article 37 — Amendments to Annexes
− ### art_37
− 
− Article 37
+ ### Article 38 — Committee procedure
− ### art_38
− 
− Article 38
− 
− ### art_39
+ ### Article 39 — Reports
− Article 39
+ ## CHAPTER II / Transitional and final provisions
− ### art_40
+ ### Article 40 — Transitional provision
− Article 40
+ 
+ ### Article 41 — Entry into force
+ 
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