Article 18 | Delegated Regulation 449/2012

Article 18 - Delegated Regulation 449/2012

Article 18

Monitoring of credit ratings

A credit rating agency shall provide ESMA with information regarding its policies and procedures concerning:

(a)	the monitoring of ratings, identifying any differences between solicited and unsolicited ratings, and including at least the information set out in point 4 of Annex VII;

(b)	the disclosure of the decision to review or change a rating;

(c)	the monitoring of the impact of changes in macroeconomic or financial market conditions on credit ratings as described in Article 8(5) of Regulation (EC) No 1060/2009.

CHAPTER 1 - SUBJECT MATTER (Article 1)

CHAPTER 2 - REGISTRATION (Article 2-25)

SECTION 1 - General (Article 2-7)

SECTION 2 - Ownership structure (Article 8-9)

SECTION 3 - Organisational structure and corporate governance (Article 10-12)

SECTION 4 - Financial resources for the performance of credit rating activities (Article 13)

SECTION 5 - Staffing and compensation (Article 14-15)

SECTION 7 - Description of issue and review procedures and methodologies (Article 19)

SECTION 8 - Conflicts of interest (Article 20-22)

SECTION 9 - Programme of operations (Article 23)

SECTION 10 - Use of endorsement (Article 24)

SECTION 11 - Outsourcing (Article 25)

CHAPTER 3 - CERTIFICATION (Article 26-28)

CHAPTER 4 - FINAL PROVISIONS (Article 29)

Article 18 - Delegated Regulation 449/2012