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Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009
On credit rating agencies
(Text with EEA relevance)- Recitals
TITLE I — SUBJECT MATTER, SCOPE AND DEFINITIONS- Article 1 — Subject matter
- Article 2 — Scope
- Article 3 — Definitions
- Article 4 — Use of credit ratings
- Article 5 — Equivalence and certification based on equivalence
- 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 agencies
- 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 ratings
- Article 8 — Methodologies, models and key rating assumptions
- Article 8a — Sovereign ratings
- Article 8c — Double credit rating of securitisation instruments
- Article 8d — Use of multiple credit rating agencies
- Article 9 — Outsourcing
- Article 10 — Disclosure and presentation of credit ratings
- Article 11 — General and periodic disclosures
- Article 11a — European rating platform
- Article 12 — Transparency report
- Article 13 — Public disclosure fees
- TITLE III — SURVEILLANCE OF CREDIT RATING ACTIVITIES
- CHAPTER I — Registration procedure
- Article 14 — Requirement for registration
- 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 fees
- Article 20 — Withdrawal of registration
- CHAPTER II — Supervision by ESMA
- Article 21 — ESMA
- 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 fines
- 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, 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
- Final
- ANNEX I — INDEPENDENCE AND AVOIDANCE OF CONFLICTS OF INTEREST
- ANNEX II — INFORMATION TO BE PROVIDED IN THE APPLICATION FOR REGISTRATION
- ANNEX III — List of infringements referred to in Article 24(1) and Article 36a(1)
- ANNEX IV — List of the coefficients linked to aggravating and mitigating factors for the application of Article 36a(3)