+Article 8c Double credit rating of►M5securitisation instruments◄
---+Article 8c 1.
---+Article 8c 2.

Article 8c Double credit rating of►M5securitisation instruments◄

1. Overview

,
Article 8c 1.
Where an issuer or a related third party intends to solicit a credit rating of a ►M5  securitisation instrument ◄ , it shall appoint at least two credit rating agencies to provide credit ratings independently of each other.
Article 8c 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.

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards