Art. 5

in force 2019-01-01 MODIFIED±0§

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

applies from: unknown

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in force 2015-06-21 MODIFIED§

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

applies from: unknown

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in force 2013-06-20 MODIFIED§

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

applies from: unchanged

Paragraph 1 now refers to credit ratings being used in the Union rather than in the Community.

Paragraph 6(1)(b) now excludes a list of specific provisions, namely Articles 6a, 6b, 8a, 8b, 8c and 11a, point (ba) of point 3 and points 3a and 3b of Section B of Annex I, from the equivalence rules that a third country's legally binding requirements must match, whereas the earlier text made no such exclusion.

Paragraph 8 now names Article 23b alongside Articles 20 and 24 as applying to certified credit rating agencies, and states that these apply to agencies certified in accordance with Article 5(3), whereas the earlier text said Articles 20 and 24 applied mutatis mutandis to certified agencies under paragraph 1.

Cited: Art. 5, v2 · Art. 5, v1

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in force 2011-06-01 MODIFIED§

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

applies from: unchanged

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The certification application process no longer routes through CESR and the college-of-competent-authorities procedure with CESR publishing lists and facilitators being selected; instead the application is submitted to and examined and decided upon by ESMA directly.

The exemption provisions in paragraph 4 now specify the application must be submitted together with the certification application and refer to ESMA as the body assessing and granting the exemption, rather than the competent authority, and the physical presence exemption refers to the Union instead of the Community.

Paragraph 6's rulemaking mechanism now describes the Commission specifying or amending the equivalence criteria through delegated acts under Articles 38a to 38c rather than the regulatory procedure with scrutiny under Article 38(2), paragraph 7 now has ESMA rather than the facilitator establishing cooperation agreements with third-country supervisory authorities, and paragraph 8 drops the reference to Article 25 alongside Articles 20 and 24.

Cited: Art. 5, v1 · Art. 5, v2

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