# 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 2: The information regarding the policies and procedures referred to in Article 17(1)(c) regarding the issuance of credit ratings shall include:

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

(a) the sequence of steps followed for the production of ratings; the process for reviewing the documentation of issuers or securities to be rated. This shall include any benchmark used to facilitate the review;
(b) an assessment of the minimum information requirements to initiate and maintain a rating, including both public and non-public information;
(c) the controls mechanisms for the issuance of credit ratings, including the involvement of the issuer/arranger/investor/servicer within this process;
(d) the process for collation, analysis and assessment of the information used to determine a rating, including, where applicable, reliance on analysis by another credit rating agency or other third parties;
(e) the role and responsibilities of rating analysts, as well as the process and procedures for their selection on specific securities;
(f) the rating approval process, including the identification of the role and responsibilities of the persons approving the ratings as well as the process and procedures for their selection;
(g) where a credit rating agency has established rating committees, the role and responsibilities of rating committee chairs, as well as the skills required and the process and procedures for their nomination; and
(h) the minimum qualifications of the persons involved in the rating decision.

---
Source: https://www.legislation.gov.uk/eur/2012/449/annex/VII/division/ISSUANCE/division/2 (the official version)
Page: https://openlegislation.uk/eu-regulation-2012-449/annex-VII/division-ISSUANCE/division-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.