Division 8 F1

For the purposes of Article 7(4):

1. (a)

   credit rating agencies shall ensure that the lead rating analysts shall not be involved in credit rating activities related to the same rated entity or a related third party for a period exceeding four years;

2. (b)

   credit rating agencies other than those appointed by an issuer or a related third party and all credit rating agencies issuing sovereign ratings shall ensure that:

   1. (i)

      the rating analysts shall not be involved in credit rating activities related to the same rated entity or a related third party for a period exceeding five years;

   2. (ii)

      the persons approving credit ratings shall not be involved in credit rating activities related to the same rated entity or a related third party for a period exceeding seven years.

The persons referred to in points (a) and (b) of the first subparagraph shall not be involved in credit rating activities related to the rated entity or a related third party referred to in those points within two years of end of the periods set out in those points.