{
  "url": "https://openlegislation.uk/credit-rating-agencies-civil-liability-regulations-2013/regulation-11",
  "json_url": "https://openlegislation.uk/credit-rating-agencies-civil-liability-regulations-2013/regulation-11.json",
  "legislation": "uksi/2013/1637",
  "legislation_title": "The Credit Rating Agencies (Civil Liability) Regulations 2013",
  "legislation_url": "https://openlegislation.uk/credit-rating-agencies-civil-liability-regulations-2013",
  "path": "regulation/11",
  "kind": "regulation",
  "number": "11",
  "heading": "Issuers: unsolicited credit ratings",
  "text": "(1) If the claimant is an issuer and a credit rating agency has assigned a credit rating in respect of such issuer or a financial instrument issued by such issuer, without the issuer, or a related third party, entering into a contract with that credit rating agency to assign a credit rating, the court may consider the following factors, amongst others, to be indications that a limitation on liability is reasonable and proportionate—\n(a) the credit rating agency gave the issuer a reasonable opportunity to submit additional factual information not previously available to the credit rating agency, or to clarify any factual inaccuracies regarding the proposed credit rating, before the credit rating was issued, and took account of those submissions or comments when finalising the credit rating;\n(b) the limitation relates to losses which the credit rating agency could not reasonably have foreseen when it assigned the credit rating;\n(c) the limitation relates to losses which no credit rating agency could reasonably insure against on a prudent commercial basis;\n(d) the limitation relates to losses which no credit rating agency would reasonably be expected to have the resources to meet.\n(2) The absence of a factor or factors in paragraph (1) does not indicate that a limitation on liability is unreasonable or disproportionate.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 11 in force at 25.7.2013, see reg. 1"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2013/1637/regulation/11",
    "retrieved_at": "2026-10-29T00:49:01.545232+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}