{
  "url": "https://openlegislation.uk/eu-regulation-2012-449",
  "json_url": "https://openlegislation.uk/eu-regulation-2012-449.json",
  "id": "eur/2012/449",
  "title": "Commission Delegated Regulation (EU) No 449/2012 of 21 March 2012 supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with regard to regulatory technical standards on information for registration and certification of credit rating agencies (Text with EEA relevance)",
  "short_title": "Regulation (EU) No 449/2012 supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the…",
  "long_title": "Commission Delegated Regulation (EU) No 449/2012 of 21 March 2012 supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with regard to regulatory technical standards on information for registration and certification of credit rating agencies (Text with EEA relevance)",
  "citation": "EU Regulation No 449/2012",
  "type": "eur",
  "year": "2012",
  "number": "449",
  "version": "current",
  "date": "2012-03-21",
  "revised": false,
  "valid_from": null,
  "extent": "E+W+S+N.I.",
  "unapplied_effects": 1,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/introduction",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "chapter/1",
      "kind": "chapter",
      "number": "1",
      "heading": "SUBJECT MATTER",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/1",
      "kind": "article",
      "number": "1",
      "heading": "Subject matter",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/1"
    },
    {
      "path": "chapter/2",
      "kind": "chapter",
      "number": "2",
      "heading": "REGISTRATION",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "chapter/2/section/1",
      "kind": "section",
      "number": "1",
      "heading": "General",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/2",
      "kind": "article",
      "number": "2",
      "heading": "Format of the application",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/1"
    },
    {
      "path": "article/3",
      "kind": "article",
      "number": "3",
      "heading": "Attestation of the accuracy and completeness of the application",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/1"
    },
    {
      "path": "article/4",
      "kind": "article",
      "number": "4",
      "heading": "Number of employees",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/1"
    },
    {
      "path": "article/5",
      "kind": "article",
      "number": "5",
      "heading": "Class of credit ratings",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/1"
    },
    {
      "path": "article/6",
      "kind": "article",
      "number": "6",
      "heading": "Policies and procedures",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-6",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/1"
    },
    {
      "path": "article/7",
      "kind": "article",
      "number": "7",
      "heading": "Identification, legal status and class of credit ratings",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-7",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/1"
    },
    {
      "path": "chapter/2/section/2",
      "kind": "section",
      "number": "2",
      "heading": "Ownership structure",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/8",
      "kind": "article",
      "number": "8",
      "heading": "Owners and parent undertaking of a credit rating agency",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-8",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/2"
    },
    {
      "path": "article/9",
      "kind": "article",
      "number": "9",
      "heading": "Ownership chart",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-9",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/2"
    },
    {
      "path": "chapter/2/section/3",
      "kind": "section",
      "number": "3",
      "heading": "Organisational structure and corporate governance",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/10",
      "kind": "article",
      "number": "10",
      "heading": "Organisational chart",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-10",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/3"
    },
    {
      "path": "article/11",
      "kind": "article",
      "number": "11",
      "heading": "Organisational structure",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-11",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/3"
    },
    {
      "path": "article/12",
      "kind": "article",
      "number": "12",
      "heading": "Corporate governance",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-12",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/3"
    },
    {
      "path": "chapter/2/section/4",
      "kind": "section",
      "number": "4",
      "heading": "Financial resources for the performance of credit rating activities",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/13",
      "kind": "article",
      "number": "13",
      "heading": "Financial reports",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-13",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/4"
    },
    {
      "path": "chapter/2/section/5",
      "kind": "section",
      "number": "5",
      "heading": "Staffing and compensation",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/14",
      "kind": "article",
      "number": "14",
      "heading": "Staffing policies and procedures",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-14",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/5"
    },
    {
      "path": "article/15",
      "kind": "article",
      "number": "15",
      "heading": "Fitness and appropriateness",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-15",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/5"
    },
    {
      "path": "chapter/2/section/6",
      "kind": "section",
      "number": "6",
      "heading": "Issuance and review of credit ratings",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/16",
      "kind": "article",
      "number": "16",
      "heading": "Development, validation, review and disclosure of rating methodologies",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-16",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/6"
    },
    {
      "path": "article/17",
      "kind": "article",
      "number": "17",
      "heading": "Issuance of credit ratings",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-17",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/6"
    },
    {
      "path": "article/18",
      "kind": "article",
      "number": "18",
      "heading": "Monitoring of credit ratings",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-18",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/6"
    },
    {
      "path": "chapter/2/section/7",
      "kind": "section",
      "number": "7",
      "heading": "Description of issue and review procedures and methodologies",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/19",
      "kind": "article",
      "number": "19",
      "heading": "Credit rating presentation requirements",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-19",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/7"
    },
    {
      "path": "chapter/2/section/8",
      "kind": "section",
      "number": "8",
      "heading": "Conflicts of interest",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/20",
      "kind": "article",
      "number": "20",
      "heading": "Independence and avoidance of conflicts of interest",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-20",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/8"
    },
    {
      "path": "article/21",
      "kind": "article",
      "number": "21",
      "heading": "Inventory of conflicts of interest",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-21",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/8"
    },
    {
      "path": "article/22",
      "kind": "article",
      "number": "22",
      "heading": "Conflicts of interest with respect to ancillary services",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-22",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/8"
    },
    {
      "path": "chapter/2/section/9",
      "kind": "section",
      "number": "9",
      "heading": "Programme of operations",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/23",
      "kind": "article",
      "number": "23",
      "heading": "Information regarding the programme of operations",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-23",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/9"
    },
    {
      "path": "chapter/2/section/10",
      "kind": "section",
      "number": "10",
      "heading": "Use of endorsement",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/24",
      "kind": "article",
      "number": "24",
      "heading": "Expected use of endorsement",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-24",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/10"
    },
    {
      "path": "chapter/2/section/11",
      "kind": "section",
      "number": "11",
      "heading": "Outsourcing",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2"
    },
    {
      "path": "article/25",
      "kind": "article",
      "number": "25",
      "heading": "Outsourcing requirements",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-25",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/2/section/11"
    },
    {
      "path": "chapter/3",
      "kind": "chapter",
      "number": "3",
      "heading": "CERTIFICATION",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "chapter/3/section/1",
      "kind": "section",
      "number": "1",
      "heading": "Application for certification",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/3"
    },
    {
      "path": "article/26",
      "kind": "article",
      "number": "26",
      "heading": "Information for application for certification",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-26",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/3/section/1"
    },
    {
      "path": "article/27",
      "kind": "article",
      "number": "27",
      "heading": "General requirements for the application for certification",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-27",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/3/section/1"
    },
    {
      "path": "chapter/3/section/2",
      "kind": "section",
      "number": "2",
      "heading": "Systemic importance",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/3"
    },
    {
      "path": "article/28",
      "kind": "article",
      "number": "28",
      "heading": "Systemic importance",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-28",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/3/section/2"
    },
    {
      "path": "chapter/4",
      "kind": "chapter",
      "number": "4",
      "heading": "FINAL PROVISIONS",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/29",
      "kind": "article",
      "number": "29",
      "heading": "Entry into force",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/article-29",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/4"
    },
    {
      "path": "signature",
      "kind": "signature",
      "number": null,
      "heading": "Signature",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/signature",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/I",
      "kind": "annex",
      "number": "I",
      "heading": null,
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/I/division/DOCUMENT",
      "kind": "division",
      "number": "DOCUMENT REFERENCES",
      "heading": "(Article 2)",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-I/division-DOCUMENT",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/I"
    },
    {
      "path": "annex/II",
      "kind": "annex",
      "number": "II",
      "heading": null,
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/II/division/GENERAL",
      "kind": "division",
      "number": "GENERAL INFORMATION",
      "heading": "(Article 7)",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II"
    },
    {
      "path": "annex/II/division/GENERAL/division/1",
      "kind": "division",
      "number": "1",
      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-II/division-GENERAL/division-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/GENERAL"
    },
    {
      "path": "annex/II/division/GENERAL/division/2",
      "kind": "division",
      "number": "2",
      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-II/division-GENERAL/division-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/GENERAL"
    },
    {
      "path": "annex/II/division/GENERAL/division/3",
      "kind": "division",
      "number": "3",
      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-II/division-GENERAL/division-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/GENERAL"
    },
    {
      "path": "annex/II/division/GENERAL/division/4",
      "kind": "division",
      "number": "4",
      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-II/division-GENERAL/division-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/GENERAL"
    },
    {
      "path": "annex/II/division/GENERAL/division/5",
      "kind": "division",
      "number": "5",
      "heading": "With respect to the contact person(s) for the purpose of the application:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-II/division-GENERAL/division-5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/GENERAL"
    },
    {
      "path": "annex/II/division/GENERAL/division/6",
      "kind": "division",
      "number": "6",
      "heading": "With respect to the Compliance Officer:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-II/division-GENERAL/division-6",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/GENERAL"
    },
    {
      "path": "annex/II/division/GENERAL/division/7",
      "kind": "division",
      "number": "7",
      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-II/division-GENERAL/division-7",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/GENERAL"
    },
    {
      "path": "annex/II/division/GENERAL/division/8",
      "kind": "division",
      "number": "8",
      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-II/division-GENERAL/division-8",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/GENERAL"
    },
    {
      "path": "annex/II/division/GENERAL/division/9",
      "kind": "division",
      "number": "9",
      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-II/division-GENERAL/division-9",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/GENERAL"
    },
    {
      "path": "annex/II/division/GENERAL/division/10",
      "kind": "division",
      "number": "10",
      "heading": "Financial reports:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-II/division-GENERAL/division-10",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/GENERAL"
    },
    {
      "path": "annex/II/division/GENERAL/division/11",
      "kind": "division",
      "number": "11",
      "heading": "Number of employees (excluding employees located in branches) as at the date of application and as at the close of each of the three most recent financial years, reported in the following categories:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-II/division-GENERAL/division-11",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/GENERAL"
    },
    {
      "path": "annex/II/division/GENERAL/division/12",
      "kind": "division",
      "number": "12",
      "heading": "If a credit rating agency has branches, with respect to each branch:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-II/division-GENERAL/division-12",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/GENERAL"
    },
    {
      "path": "annex/II/division/GENERAL/division/13",
      "kind": "division",
      "number": "13",
      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-II/division-GENERAL/division-13",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/II/division/GENERAL"
    },
    {
      "path": "annex/III",
      "kind": "annex",
      "number": "III",
      "heading": null,
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/III/division/INFORMATION",
      "kind": "division",
      "number": "INFORMATION TO BE PRESENTED WITH REGARD TO THE OWN",
      "heading": "(Article 8)",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/III"
    },
    {
      "path": "annex/III/division/INFORMATION/division/1",
      "kind": "division",
      "number": "1",
      "heading": "Identification of the credit rating agency owners referred to in Article 8(1) with the following level of detail:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-III/division-INFORMATION/division-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/III/division/INFORMATION"
    },
    {
      "path": "annex/III/division/INFORMATION/division/2",
      "kind": "division",
      "number": "2",
      "heading": "Description of the business activities of the credit rating agency owners referred to in Article 8(1):",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-III/division-INFORMATION/division-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/III/division/INFORMATION"
    },
    {
      "path": "annex/III/division/INFORMATION/division/3",
      "kind": "division",
      "number": "3",
      "heading": "Identification of the business activities of the companies in which the owners referred to in Article 8(1) have an interest according to Article 8(2):",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-III/division-INFORMATION/division-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/III/division/INFORMATION"
    },
    {
      "path": "annex/III/division/INFORMATION/division/4",
      "kind": "division",
      "number": "4",
      "heading": "Identification of the owners of the parent undertaking referred to in Article 8(3):",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-III/division-INFORMATION/division-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/III/division/INFORMATION"
    },
    {
      "path": "annex/IV",
      "kind": "annex",
      "number": "IV",
      "heading": null,
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/IV/division/ORGANISATIONAL",
      "kind": "division",
      "number": "ORGANISATIONAL STRUCTURE",
      "heading": "(Article 11)",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IV"
    },
    {
      "path": "annex/IV/division/ORGANISATIONAL/division/1",
      "kind": "division",
      "number": "1",
      "heading": "A credit rating agency shall provide the following information regarding policies and procedures referred to in Article 11(1):",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-IV/division-ORGANISATIONAL/division-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IV/division/ORGANISATIONAL"
    },
    {
      "path": "annex/IV/division/ORGANISATIONAL/division/2",
      "kind": "division",
      "number": "2",
      "heading": "Where the arrangements referred to in point 1 of this Annex are carried out at group of undertakings level, a credit rating agency shall provide ESMA with a copy of relevant service level agreements that it has entered into, or proposes to enter into, with other group members, and the following information:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-IV/division-ORGANISATIONAL/division-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IV/division/ORGANISATIONAL"
    },
    {
      "path": "annex/IV/division/ORGANISATIONAL/division/3",
      "kind": "division",
      "number": "3",
      "heading": "With respect to the compliance function, a credit rating agency shall provide the following information:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-IV/division-ORGANISATIONAL/division-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IV/division/ORGANISATIONAL"
    },
    {
      "path": "annex/IV/division/ORGANISATIONAL/division/4",
      "kind": "division",
      "number": "4",
      "heading": "With respect to the internal audit function carrying out the tasks described in point 10 of Section A of Annex I to Regulation (EC) No 1060/2009, a credit rating agency shall provide the following information:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-IV/division-ORGANISATIONAL/division-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IV/division/ORGANISATIONAL"
    },
    {
      "path": "annex/V",
      "kind": "annex",
      "number": "V",
      "heading": null,
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/V/division/INFORMATION",
      "kind": "division",
      "number": "INFORMATION TO BE PRESENTED WITH REGARD TO CORPORA",
      "heading": "(Article 12)",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/V"
    },
    {
      "path": "annex/V/division/INFORMATION/division/1",
      "kind": "division",
      "number": "1",
      "heading": "Identification of the members of the administrative or supervisory board and other committees as established in Article 12(3):",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-V/division-INFORMATION/division-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/V/division/INFORMATION"
    },
    {
      "path": "annex/V/division/INFORMATION/division/2",
      "kind": "division",
      "number": "2",
      "heading": "Identification of the independent members of the administrative or supervisory board as established in Article 12(3) and justification of their independence if they are independent members and of their in-depth knowledge and experience at a senior level of the market in structured finance instruments, where the credit agency applies to issue credit ratings of structured finance products, according to Section A(2) of Annex I to Regulation (EC) No 1060/2009:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-V/division-INFORMATION/division-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/V/division/INFORMATION"
    },
    {
      "path": "annex/V/division/INFORMATION/division/3",
      "kind": "division",
      "number": "3",
      "heading": "A credit rating agency shall provide to ESMA a copy of the following documents as established in Article 12(4):",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-V/division-INFORMATION/division-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/V/division/INFORMATION"
    },
    {
      "path": "annex/VI",
      "kind": "annex",
      "number": "VI",
      "heading": null,
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/VI/division/SELF",
      "kind": "division",
      "number": "SELF DECLARATION",
      "heading": "(Article 15(2))",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-VI/division-SELF",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/VI"
    },
    {
      "path": "annex/VII",
      "kind": "annex",
      "number": "VII",
      "heading": null,
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/VII/division/ISSUANCE",
      "kind": "division",
      "number": "ISSUANCE AND REVIEW OF CREDIT RATINGS",
      "heading": "(Articles 16, 17 and 18)",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/VII"
    },
    {
      "path": "annex/VII/division/ISSUANCE/division/1",
      "kind": "division",
      "number": "1",
      "heading": "The information regarding the policies and procedures referred to in Article 16(2)(a) regarding the development, validation and review of the CRA’s rating methodologies shall include:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-VII/division-ISSUANCE/division-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/VII/division/ISSUANCE"
    },
    {
      "path": "annex/VII/division/ISSUANCE/division/2",
      "kind": "division",
      "number": "2",
      "heading": "The information regarding the policies and procedures referred to in Article 17(1)(c) regarding the issuance of credit ratings shall include:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-VII/division-ISSUANCE/division-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/VII/division/ISSUANCE"
    },
    {
      "path": "annex/VII/division/ISSUANCE/division/3",
      "kind": "division",
      "number": "3",
      "heading": "The information regarding the policies and procedures referred to in Article 17(1)(e) regarding the disclosure of a rating decision shall include the following:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-VII/division-ISSUANCE/division-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/VII/division/ISSUANCE"
    },
    {
      "path": "annex/VII/division/ISSUANCE/division/4",
      "kind": "division",
      "number": "4",
      "heading": "The information regarding the policies and procedures referred to in Article 18(a) regarding the monitoring of ratings shall include:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-VII/division-ISSUANCE/division-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/VII/division/ISSUANCE"
    },
    {
      "path": "annex/VIII",
      "kind": "annex",
      "number": "VIII",
      "heading": null,
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/VIII/division/INDEPENDENCE",
      "kind": "division",
      "number": "INDEPENDENCE AND AVOIDANCE OF CONFLICTS OF INTERES",
      "heading": "(Article 20)",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-VIII/division-INDEPENDENCE",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/VIII"
    },
    {
      "path": "annex/IX",
      "kind": "annex",
      "number": "IX",
      "heading": null,
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/IX/division/PROGRAMME",
      "kind": "division",
      "number": "PROGRAMME OF OPERATIONS",
      "heading": "(Article 23)",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IX"
    },
    {
      "path": "annex/IX/division/PROGRAMME/division/1",
      "kind": "division",
      "number": null,
      "heading": "Business concept/Business development",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IX/division/PROGRAMME"
    },
    {
      "path": "annex/IX/division/PROGRAMME/division/1/division/1",
      "kind": "division",
      "number": "1",
      "heading": "The following information regarding the CRA’s business activities:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-IX/division-PROGRAMME/division-1/division-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IX/division/PROGRAMME/division/1"
    },
    {
      "path": "annex/IX/division/PROGRAMME/division/2",
      "kind": "division",
      "number": null,
      "heading": "Class of credit ratings",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IX/division/PROGRAMME"
    },
    {
      "path": "annex/IX/division/PROGRAMME/division/2/division/2",
      "kind": "division",
      "number": "2",
      "heading": "The following information regarding the class of credit ratings:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-IX/division-PROGRAMME/division-2/division-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IX/division/PROGRAMME/division/2"
    },
    {
      "path": "annex/IX/division/PROGRAMME/division/3",
      "kind": "division",
      "number": null,
      "heading": "Financial plan",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IX/division/PROGRAMME"
    },
    {
      "path": "annex/IX/division/PROGRAMME/division/3/division/3",
      "kind": "division",
      "number": "3",
      "heading": "Projections for:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-IX/division-PROGRAMME/division-3/division-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IX/division/PROGRAMME/division/3"
    },
    {
      "path": "annex/IX/division/PROGRAMME/division/3/division/4",
      "kind": "division",
      "number": "4",
      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-IX/division-PROGRAMME/division-3/division-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IX/division/PROGRAMME/division/3"
    },
    {
      "path": "annex/IX/division/PROGRAMME/division/4",
      "kind": "division",
      "number": null,
      "heading": "Corporate governance",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IX/division/PROGRAMME"
    },
    {
      "path": "annex/IX/division/PROGRAMME/division/4/division/5",
      "kind": "division",
      "number": "5",
      "heading": "Number of members of the following bodies:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-IX/division-PROGRAMME/division-4/division-5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IX/division/PROGRAMME/division/4"
    },
    {
      "path": "annex/IX/division/PROGRAMME/division/5",
      "kind": "division",
      "number": null,
      "heading": "Outsourcing",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IX/division/PROGRAMME"
    },
    {
      "path": "annex/IX/division/PROGRAMME/division/5/division/6",
      "kind": "division",
      "number": "6",
      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-IX/division-PROGRAMME/division-5/division-6",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IX/division/PROGRAMME/division/5"
    },
    {
      "path": "annex/IX/division/PROGRAMME/division/6",
      "kind": "division",
      "number": null,
      "heading": "Human Resources/Staffing",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IX/division/PROGRAMME"
    },
    {
      "path": "annex/IX/division/PROGRAMME/division/6/division/7",
      "kind": "division",
      "number": "7",
      "heading": "Number of permanent and temporary employees working for the following functions and their seniority:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-IX/division-PROGRAMME/division-6/division-7",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IX/division/PROGRAMME/division/6"
    },
    {
      "path": "annex/IX/division/PROGRAMME/division/6/division/8",
      "kind": "division",
      "number": "8",
      "heading": "The following information:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-IX/division-PROGRAMME/division-6/division-8",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/IX/division/PROGRAMME/division/6"
    },
    {
      "path": "annex/X",
      "kind": "annex",
      "number": "X",
      "heading": null,
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/X/division/RECORD",
      "kind": "division",
      "number": "RECORD KEEPING, BUSINESS CONTINUITY PLANNING AND I",
      "heading": "(Article 11)",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/X"
    },
    {
      "path": "annex/X/division/RECORD/division/1",
      "kind": "division",
      "number": null,
      "heading": "Record keeping",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/X/division/RECORD"
    },
    {
      "path": "annex/X/division/RECORD/division/1/division/1",
      "kind": "division",
      "number": "1",
      "heading": "Information regarding the policies and procedures regarding the record keeping obligations set out in Article 8(4) and point 7 of Section A and points 7, 8 and 9 of Section B of Annex I to Regulation (EC) No 1060/2009:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-X/division-RECORD/division-1/division-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/X/division/RECORD/division/1"
    },
    {
      "path": "annex/X/division/RECORD/division/2",
      "kind": "division",
      "number": null,
      "heading": "Continuity and regularity of the activities",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/X/division/RECORD"
    },
    {
      "path": "annex/X/division/RECORD/division/2/division/2",
      "kind": "division",
      "number": "2",
      "heading": "Information regarding the continuity and regularity in the performance of the credit rating activities as set out in point 8 of Section A of Annex I to Regulation (EC) No 1060/2009, including:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-X/division-RECORD/division-2/division-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/X/division/RECORD/division/2"
    },
    {
      "path": "annex/X/division/RECORD/division/3",
      "kind": "division",
      "number": null,
      "heading": "Information processing systems",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/X/division/RECORD"
    },
    {
      "path": "annex/X/division/RECORD/division/3/division/3",
      "kind": "division",
      "number": "3",
      "heading": "Information regarding the information processing systems as set out in point 8 of Section A of Annex I to Regulation (EC) No 1060/2009, including:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-X/division-RECORD/division-3/division-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/X/division/RECORD/division/3"
    },
    {
      "path": "annex/XI",
      "kind": "annex",
      "number": "XI",
      "heading": null,
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "annex/XI/division/USE",
      "kind": "division",
      "number": "USE OF ENDORSEMENT",
      "heading": "(Article 24)",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/XI"
    },
    {
      "path": "annex/XI/division/USE/division/1",
      "kind": "division",
      "number": null,
      "heading": "Third-country credit rating agency",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/XI/division/USE"
    },
    {
      "path": "annex/XI/division/USE/division/1/division/1",
      "kind": "division",
      "number": "1",
      "heading": "The following information for each relevant third-country credit rating agency:",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-XI/division-USE/division-1/division-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/XI/division/USE/division/1"
    },
    {
      "path": "annex/XI/division/USE/division/1/division/2",
      "kind": "division",
      "number": "2",
      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-XI/division-USE/division-1/division-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/XI/division/USE/division/1"
    },
    {
      "path": "annex/XI/division/USE/division/2",
      "kind": "division",
      "number": null,
      "heading": "Assessment of the third-country regulatory regime",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/XI/division/USE"
    },
    {
      "path": "annex/XI/division/USE/division/2/division/3",
      "kind": "division",
      "number": "3",
      "heading": "In relation to each relevant third-country jurisdiction, detailed information, structured analysis and reasoning for each requirement set out in Articles 6 to 12 of Regulation (EC) No 1060/2009, including any reference to the relevant sections of the third-country law/regulation.",
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-XI/division-USE/division-2/division-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/XI/division/USE/division/2"
    },
    {
      "path": "annex/XI/division/USE/division/3",
      "kind": "division",
      "number": null,
      "heading": "Procedures to monitor conduct",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/XI/division/USE"
    },
    {
      "path": "annex/XI/division/USE/division/3/division/4",
      "kind": "division",
      "number": "4",
      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-XI/division-USE/division-3/division-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/XI/division/USE/division/3"
    },
    {
      "path": "annex/XI/division/USE/division/4",
      "kind": "division",
      "number": null,
      "heading": "Objective reasons",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/XI/division/USE"
    },
    {
      "path": "annex/XI/division/USE/division/4/division/5",
      "kind": "division",
      "number": "5",
      "heading": null,
      "url": "https://openlegislation.uk/eu-regulation-2012-449/annex-XI/division-USE/division-4/division-5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "annex/XI/division/USE/division/4"
    },
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      "affecting_provisions": "Sch. 1 Pt. 1 3"
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    "retrieved_at": "2026-11-01T14:49:25.461337+00:00"
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  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
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}