CRAR
REGULATION (EC) No 1060/2009 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 September 2009 on credit rating agencies
- Note: Relevant CESR Guidance to be integrated at a later stage
- Recital
- TITLE I : SUBJECT MATTER, SCOPE AND DEFINITIONS
- Article 1 - Subject matter
- Article 2 - ScopeGLIA
- Article 3 - DefinitionsGLQ&A
- Article 4 - Use of credit ratingsGL
- Article 5 - Equivalence and certification based on equivalenceGLRTS
- 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
- Article 6 - Independence and avoidance of conflicts of interest
- Article 6a - Conflicts of interest concerning investments in credit rating agenciesQ&A
- 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 ratingsQ&A
- Article 8 - Methodologies, models and key rating assumptionsGLRTSQ&A
- Article 8a - Sovereign ratingsQ&A
- Article 8b - Information on structured finance instrumentsRTS
- Article 8c - Double credit rating of structured finance instruments
- Article 8d - Use of multiple credit rating agenciesGL
- Article 9 - Outsourcing
- Article 10 - Disclosure and presentation of credit ratingsQ&A
- Article 11 - General and periodic disclosuresRTS
- Article 11a - European rating platformRTS
- Article 12 - Transparency report
- Article 13 - Public disclosure fees
- TITLE III : SURVEILLANCE OF CREDIT RATING ACTIVITIES
- CHAPTER I : Registration procedure
- Article 14 - Requirement for registrationGLQ&A
- Article 15 - Application for registration
- Article 16 - Examination of the application for registration of a credit rating agency by ESMA
- Article 17 - Examination of the applications for registration of a group of credit rating agencies by ESMA
- Article 18 - Notification of a decision to register, refuse or withdraw registration, and publication of the list of registered credit rating agencies
- Article 19 - Registration and supervisory feesDAGL
- Article 20 - Withdrawal of registration
- CHAPTER II : Supervision by ESMA
- Article 21 - ESMAGLRTS
- 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 finesDA
- Article 24 - Supervisory measures by ESMA
- 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, 8b, 8c and 8d
- CHAPTER III : Cooperation between ESMA, competent authorities and sectoral competent authorities
- CHAPTER IV : Cooperation with third countries
- TITLE IIIA : CIVIL LIABILITY OF CREDIT RATING AGENCIES
- TITLE IV : PENALTIES, COMMITTEE PROCEDURE, REPORTING AND TRANSITIONAL AND FINAL PROVISIONS
- CHAPTER I : Penalties, fines, periodic penalty payments, committee procedure, delegated powers and reporting
- 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 - Committee procedure
- 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
- ANNEX I - INDEPENDENCE AND AVOIDANCE OF CONFLICTS OF INTERESTQ&ARTS
- ANNEX II - INFORMATION TO BE PROVIDED IN THE APPLICATION FOR REGISTRATIONRTS
- ANNEX III
- ANNEX IV