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Article 8c Double credit rating of securitisation instrumentsF1F2

United Kingdom

Original text. Later amendments are not shown.

1.

Where an issuer or a related third party intends to solicit a credit rating of a securitisation instrument , it shall appoint at least two credit rating agencies to provide credit ratings independently of each other.

2.

The issuer or a related third party as referred to in paragraph 1 shall ensure that the appointed credit rating agencies comply with the following conditions:

(a)

they do not belong to the same group of credit rating agencies;

(b)

they are not a shareholder or a member of any of the other credit rating agencies;

(c)

they do not have the right or the power to exercise voting rights in any of the other credit rating agencies;

(d)

they do not have the right or the power to appoint or remove members of the administrative or supervisory board of any of the other credit rating agencies;

(e)

none of the members of their administrative or supervisory boards are a member of the administrative or supervisory boards of any of the other credit rating agencies;

(f)

they do not exercise, or have the power to exercise, control or a dominant influence over any of the other credit rating agencies.

Annotations

Textual amendments

F1

Inserted 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).

F2

Substituted by Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012.