Article 1 Subject matterF1

This Regulation introduces a F2... 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 F3United Kingdom and to the smooth functioning of the F4... 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.

F5This Regulation also lays down obligations for issuers and related third parties established in the F6United Kingdom regarding securitisation instruments.