Annex I

in force 2025-01-17 MODIFIED+408 −31§

Amended by Regulation (EU) 2022/2554 32022R2554

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2022-12-14

In Section A, point 4, the requirement for effective control and safeguard arrangements for information processing systems is replaced with a requirement for effective control and safeguard arrangements for managing ICT systems in accordance with Regulation (EU) 2022/2554.

The revised text adds a footnote identifying that regulation as the one of 14 December 2022 on digital operational resilience for the financial sector, which also amends several other named regulations.

Cited: Annex I, v1 · Annex I, v2

in force 2019-01-01 MODIFIED§

Amended by Regulation (EU) 2017/2402 32017R2402 · Regulation (EU) No 462/2013 32013R0462

applies from: unchanged

In Section A point 2, references to structured finance instruments are replaced with references to securitisation instruments in the passage on board member expertise.

In Section B point 5, the wording on rating analysts not making proposals or recommendations regarding the design of instruments is changed from structured finance instruments to securitisation instruments.

In Section D, Part II, the heading and points 1 and 2 replace mentions of structured finance instruments with securitisation instruments, while point 3 and point 4 of the same part continue to refer to structured finance instruments and structured finance products respectively.

Cited: Annex I, v2

text before / after, on the event page →

in force 2013-06-20 MODIFIED§

Amended by Regulation (EU) No 462/2013 32013R0462

applies from: unchanged

Sources disagree — the text comparison found this change; the EU's own amendment metadata does not list it and the amending act's instructions do not mention it. All are shown; none is overruled.

Annex I now extends most independence, conflict-of-interest, record-keeping and disclosure requirements in Sections B, C and D to cover rating outlooks alongside credit ratings, and adds new ownership-based conflict provisions tied to shareholders or members holding 5% or 10% or more of a credit rating agency's capital or voting rights.

Section B gains new points 3(aa), (ba), (ca), 3a, 3b and 3c addressing shareholder ownership thresholds, indirect shareholders, and non-discriminatory fee-setting, none of which appeared in the earlier text, while point 4 is broadened to also bind persons holding at least 5% of the agency's capital or voting rights.

Section C point 8 is restructured so the four-year, five-year and seven-year rotation limits are reorganised into points (a) and (b) with sub-points (i) and (ii) and made subject to a carve-out for agencies appointed by an issuer or related third party and for sovereign-rating agencies, and Section D is expanded with a new Part III on sovereign ratings and additional disclosure items in Section E, including fee and pricing-policy disclosures and turnover breakdowns, that were absent before.

Cited: Annex I, v2 · Annex I, v1

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in force 2011-06-01 MODIFIED§

Amended by Regulation (EU) No 513/2011 32011R0513

applies from: unchanged

Sources disagree — the text comparison and the EU's own amendment metadata found this change; the amending act's instructions do not mention it. All are shown; none is overruled.

In Section A point 2 and Section B point 8, the availability of the independent board members' opinions and of the retained records is now directed to ESMA rather than to the competent authority of the Member States concerned.

In Section E, the annual disclosure list under point II.2 adds a new item requiring a list of credit ratings issued during the year showing the proportion of unsolicited ratings among them, and the wording of point (b) is adjusted accordingly with an added conjunction before the new point (c).

Cited: Annex I, v1 · Annex I, v2

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detected 2026-08-13 MODIFIED§

no amending act named

applies from: unchanged

In Section C, point 3(c), the description of the natural person receiving confidential information changed from being someone who "is directly involved" in credit rating activities to someone who "is not directly involved" in credit rating activities.

Cited: Annex I, v1 · Annex I, v2

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