Art. 8c

Credit Rating Agencies Regulation · 32009R1060 · every event for this act · on EUR-Lex

Double credit rating of securitisation instruments

3 changes recorded across 3 events, newest first.

in force 2019-01-01 MODIFIED+28 −36§

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

applies from: unchanged

The heading and the operative text of paragraph 1 replace the term "structured finance instrument" with "securitisation instrument".

The remainder of the article, including the conditions listed in paragraph 2, is unchanged in wording.

Cited: Art. 8c, v1 · Art. 8c, v2

text before / after

02009R1060-20150621 → 02009R1060-20190101

Article 8c Double credit rating of ~~structured finance~~ securitisation instruments 1. Where an issuer or a related third party intends to solicit a credit rating of a ~~structured finance~~ securitisation instrument, it shall appoint at least two credit rating agencies to provide credit ratings independently of each other. 2. The issuer or a related third party as referred to in paragraph 1 shall ensure that the appointed credit rating agencies comply with the following conditions: (a) they do not belong to the same group of credit rating agencies; (b) they are not a shareholder or a member of any of the other credit rating agencies; (c) they do not have the right or the power to exercise voting rights in any of the other credit rating agencies; (d) they do not have the right or the power to appoint or remove members of the administrative or supervisory board of any of the other credit rating agencies; (e) none of the members of their administrative or supervisory boards are a member of the administrative or supervisory boards of any of the other credit rating agencies; (f) they do not exercise, or have the power to exercise, control or a dominant influence over any of the other credit rating agencies.

in force 2015-06-21 INSERTED§

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

applies from: unknown

Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.

No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.

text before / after, on the event page →

in force 2013-06-20 INSERTED§

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

applies from: unknown (an inserted provision states its own application date only in prose)

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

A new Article 8c is added, requiring an issuer or related third party that intends to solicit a credit rating of a structured finance instrument to appoint at least two credit rating agencies to provide independent ratings.

The provision also sets out conditions the appointed agencies must satisfy in relation to each other, covering group membership, shareholding, voting rights, board appointment powers, board membership overlap, and control or dominant influence.

Cited: Art. 8c, v2

text before / after, on the event page →