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Article 22a Examination of compliance with methodology requirementsF1F3

United Kingdom

Original text. Later amendments are not shown.

1.

In the exercise of its ongoing supervision of credit rating agencies registered under this Regulation, F2the FCA shall examine regularly compliance with Article 8(3).

2.

Without prejudice to Article 23, the FCA shall also in the framework of the examination referred to in paragraph 1:

(a)

verify the execution of back-testing by credit rating agencies;

(b)

analyse the results of that back-testing; and

(c)

verify that the credit rating agencies have processes in place to take into account the results of the back-testing in their rating methodologies.

Annotations

Textual amendments

F1

Inserted by Regulation (EU) No 513/2011 of the European Parliament and of the Council of 11 May 2011 amending Regulation (EC) No 1060/2009 on credit rating agencies (Text with EEA relevance).

F2

Words in Art. 22a(1)(2) substituted (31.12.2020) by The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 81 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F3

Substituted by Regulation (EU) No 462/2013 of the European Parliament and of the Council of 21 May 2013 amending Regulation (EC) No 1060/2009 on credit rating agencies (Text with EEA relevance).

Notes on Chapter II

Textual amendments

F1

Substituted by Regulation (EU) No 513/2011 of the European Parliament and of the Council of 11 May 2011 amending Regulation (EC) No 1060/2009 on credit rating agencies (Text with EEA relevance).

F2

Words in Title 3 Ch. 2 heading substituted (31.12.2020) by The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 78 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)