COMMISSION DELEGATED REGULATION (EU) No 449/2012
of 21 March 2012
supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with regard to regulatory technical standards on information for registration and certification of credit rating agencies
(Text with EEA relevance)
CHAPTER 1
SUBJECT MATTER
Article 1
Subject matter
CHAPTER 2
REGISTRATION
SECTION 1
General
Article 2
Format of the application
Article 3
Attestation of the accuracy and completeness of the application
Article 4
Number of employees
Article 5
Class of credit ratings
Article 6
Policies and procedures
Article 7
Identification, legal status and class of credit ratings
SECTION 2
Ownership structure
Article 8
Owners and parent undertaking of a credit rating agency
Article 9
Ownership chart
SECTION 3
Organisational structure and corporate governance
Article 10
Organisational chart
Article 11
Organisational structure
Article 12
Corporate governance
SECTION 4
Financial resources for the performance of credit rating activities
Article 13
Financial reports
SECTION 5
Staffing and compensation
Article 14
Staffing policies and procedures
Article 15
Fitness and appropriateness
SECTION 6
Issuance and review of credit ratings
Article 16
Development, validation, review and disclosure of rating methodologies
Article 17
Issuance of credit ratings
Article 18
Monitoring of credit ratings
SECTION 7
Description of issue and review procedures and methodologies
Article 19
Credit rating presentation requirements
SECTION 8
Conflicts of interest
Article 20
Independence and avoidance of conflicts of interest
Article 21
Inventory of conflicts of interest
Article 22
Conflicts of interest with respect to ancillary services
SECTION 9
Programme of operations
Article 23
Information regarding the programme of operations
SECTION 10
Use of endorsement
Article 24
Expected use of endorsement
SECTION 11
Outsourcing
Article 25
Outsourcing requirements
CHAPTER 3
CERTIFICATION
SECTION 1
Application for certification
Article 26
Information for application for certification
Article 27
General requirements for the application for certification
SECTION 2
Systemic importance
Article 28
Systemic importance
CHAPTER 4
FINAL PROVISIONS
Article 29
Entry into force
ANNEX I
DOCUMENT REFERENCES
(Article 2)
Article of, or Annex to, this Regulation |
Credit rating agency reference number |
Title of the document |
Chapter or section or page of the document where the information is provided or reason why the information is not provided |
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ANNEX II
GENERAL INFORMATION
(Article 7)
ANNEX III
INFORMATION TO BE PRESENTED WITH REGARD TO THE OWNERSHIP STRUCTURE
(Article 8)
Owner |
Percentage of capital |
Nature of the holding: direct or indirect |
Percentage of voting rights |
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Owner |
Business activities |
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Owner |
Companies in which the owner has an interest according to Article 8(2) |
Business activities |
… |
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Owner |
Percentage of capital |
Nature of the holding: direct or indirect |
Percentage of voting rights |
Nature of the holding: direct or indirect |
… |
… |
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ANNEX IV
ORGANISATIONAL STRUCTURE
(Article 11)
ANNEX V
INFORMATION TO BE PRESENTED WITH REGARD TO CORPORATE GOVERNANCE
(Article 12)
Identification of the member |
Body (administrative board, supervisory board, audit committee, remunerations committee, etc.) and position (Chair, vice-chair, member) |
Body of other undertakings where the person is a member and position |
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Identification of the member |
Body (administrative or supervisory board) |
Independent member (YES/NO) and if YES, provide justification |
Experience in structured finance instruments (YES/NO) and if YES, provide justification |
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ANNEX VI
SELF DECLARATION
(Article 15(2))
ANNEX VII
ISSUANCE AND REVIEW OF CREDIT RATINGS
(Articles 16, 17 and 18)
ANNEX VIII
INDEPENDENCE AND AVOIDANCE OF CONFLICTS OF INTEREST
(Article 20)
ANNEX IX
PROGRAMME OF OPERATIONS
(Article 23)
Business concept/Business development
Class of credit ratings
Financial plan
Corporate governance
Outsourcing
Human Resources/Staffing
ANNEX X
RECORD KEEPING, BUSINESS CONTINUITY PLANNING AND INFORMATION SYSTEMS
(Article 11)
Record keeping
Continuity and regularity of the activities
Information processing systems
ANNEX XI
USE OF ENDORSEMENT
(Article 24)
Third-country credit rating agency
Assessment of the third-country regulatory regime
Procedures to monitor conduct
Objective reasons
Legislation in the third country
ANNEX XII
SYSTEMIC IMPORTANCE INDICATORS
(Article 28)
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Total |
Corporate ratings (number of credit ratings) |
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Financial institution including credit institutions and investment firms |
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Insurance undertaking |
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Corporate issuer that is not considered a financial institution or an insurance undertaking |
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Sovereign and public finance ratings (number of credit ratings) |
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Structured Finance ratings (amount of the issuing in millions of euro) |
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EU Member State 1 |
EU Member State 2 |
EU Member State 3 |
(…) |
Other non-EU countries |
Total |
Rating activities |
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From rated entities or related third parties |
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From subscribers |
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Other sources |
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Non-rating activities |
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