# The Credit Rating Agencies (Civil Liability) Regulations 2013, Regulation 12: Investors

Extent: E+W+S+N.I.

(1) If the claimant is an investor. the court may consider the following factors, amongst others, to be indications that a limitation on liability is reasonable and proportionate—
(a) the limitation resulted from contractual negotiations between the investor and the credit rating agency;
(b) the price agreed between the investor and the credit rating agency reflects the extent of the limitation on liability;
(c) there is no relationship of proximity between the credit rating agency and the investor;
(d) the limitation relates to losses resulting from unexpected or unusual uses of the credit rating;
(e) the limitation relates to losses which the credit rating agency could not reasonably have foreseen when it assigned the credit rating;
(f) the limitation relates to losses which no credit rating agency could reasonably insure against on a prudent commercial basis;
(g) the limitation relates to losses which no credit rating agency would reasonably be expected to have the resources to meet.
(2) The absence of a factor or factors in paragraph (1) does not indicate that a limitation on liability is unreasonable or disproportionate.
(3) A limitation of liability is not likely to be reasonable and proportionate if the credit rating agency fails to take reasonable steps to bring the limitation to the attention of investors.

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Source: https://www.legislation.gov.uk/uksi/2013/1637/regulation/12 (the official version)
Page: https://openlegislation.uk/credit-rating-agencies-civil-liability-regulations-2013/regulation-12
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.