Displaying 326 - 330 of 1569
ESMA_QA_1471
Topic
CRA Regulation
17/07/2023
Subject Matter
Article 3(1)(x) – Definition of unsolicited credit ratings (ESMA33-5-87 Q&A 9)
Question
(a) Does any participation of the issuer in the credit rating process define a credit rating as a solicited credit rating?

(b) Is a credit rating issued upon the request of a person different from both the rated entity/issuer and a related third party a solicited credit rating?
Level 1 Regulation
Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009
ESMA_QA_1469
Topic
CRA Regulation
17/07/2023
Subject Matter
Article 8(5a) and Article 14(3) – Notification of material changes to methodologies (ESMA33-5-87 Q&A 7)
Question
When is a change to methodologies, models or key rating assumptions considered as a “material change”?
Level 1 Regulation
Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009
ESMA_QA_1468
Topic
CRA Regulation
17/07/2023
Subject Matter
Article 6a(1)(a) – Entry into force of the prohibition of holding 5% or more of the capital or the voting right of any other agency (ESMA33-5-87 Q&A 6)
Question
What is the entry into force of Article 6a(1)(a)?
Level 1 Regulation
Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009
ESMA_QA_1467
Topic
CRA Regulation
17/07/2023
Subject Matter
Annex I, Section B – Operational requirements: Identification of relevant shareholders (ESMA33-5-87 Q&A 5)
Question
How are CRAs supposed to identify relevant (more than 5%) shareholders in order to be compliant with the provisions concerning conflicts presented by shareholders established in Sections B(3), B(3a) and B(4) of Annex I of the CRA Regulation?
Level 1 Regulation
Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009
ESMA_QA_1466
Topic
CRA Regulation
17/07/2023
Subject Matter
Article 6a – Investments in credit rating agencies (ESMA33-5-87 Q&A 4)
Question
(a) Could a non-EU CRA have a stake higher than 5% in a CRA registered in the EU and vice versa?

(b) Could an EU registered CRA acquire another EU registered CRA?

(c) For the purposes of Article 6a of the CRA Regulation, the term “shareholder” includes beneficial
owners as defined in Article 3(6) of Directive 2005/60/EC (Money Laundering and Terrorist
Financing Directive). Are collective portfolio managers considered as shareholders for the
purpose of Article 6a of the Regulation?

(d) Should portfolio managers be considered as shareholders under the last paragraph of Article
6a(1) as subjects in a position to exercise significant influence on the business activities of
collective investment schemes?
Level 1 Regulation
Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009