# 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), Division 1: 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:

Extent: E+W+S+N.I.

(a) the responsibilities and process for rating methodology development and sign off, including details on the composition of the rating methodology committees and the procedures for members’ selection;
(b) the responsibilities and process for rating methodology, including:
(i) the verification and validation of a rating methodology;
(ii) the validation of the rating methodology based on historical data, including how the results of the back-testing are taken into account. In addition, the credit rating agency shall also include the results of such validation/back-testing for the past three years, where quantitative data is available;
(iii) the reporting of the outcome of the rating methodology review; and
(iv) the implementation of a change in methodology, model or key rating assumptions.

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Source: https://www.legislation.gov.uk/eur/2012/449/annex/VII/division/ISSUANCE/division/1 (the official version)
Page: https://openlegislation.uk/eu-regulation-2012-449/annex-VII/division-ISSUANCE/division-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.