+TITLE I SUBJECT MATTER, SCOPE AND DEFINITIONS
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---+Article 4 Use of credit ratings
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---+Article 5 Equivalence and certification based on equivalence
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---+Article 5a Over-reliance on credit ratings by financial institutions
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---+Article 5c Over-reliance on credit ratings in Union law

TITLE I SUBJECT MATTER, SCOPE AND DEFINITIONS

TITLE I SUBJECT MATTER, SCOPE AND DEFINITIONS

1. Overview

,
Summary Regulation
Article 1 Subject matter

Article 1

Subject matter

This Regulation introduces a common regulatory approach in order to enhance the integrity, transparency, responsibility, good governance and independence of credit rating activities, contributing to the quality of credit ratings issued in the Union and to the smooth functioning of the internal market, while achieving a high level of consumer and investor protection. It lays down conditions for the issuing of credit ratings and rules on the organisation and conduct of credit rating agencies, including their shareholders and members, to promote credit rating agencies’ independence, the avoidance of conflicts of interest, and the enhancement of consumer and investor protection.

▼M5

This Regulation also lays down obligations for issuers and related third parties established in the Union regarding securitisation instruments.

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

Article 5c

Over-reliance on credit ratings in Union law

Without prejudice to its right of initiative, the Commission shall continue to review whether references to credit ratings in Union law trigger or have the potential to trigger sole or mechanistic reliance on credit ratings by the competent authorities, the sectoral competent authorities, the entities referred to in the first subparagraph of Article 4(1) or other financial market participants with a view to deleting all references to credit ratings in Union law for regulatory purposes by 1 January 2020, provided that appropriate alternatives to credit risk assessment have been identified and implemented.

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements
Source Requirement

3. Related Standards

Standards
Source Requirement
  • Builddate: 17.01.2025 00:00:00 -Doknr: CELEX:32009R1060
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