Updated 18/07/2024
In force since 07/12/2009

Version from: 09/01/2024
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Credit Rating Agencies Regulation (CRAR)

Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (Text with EEA relevance)

Article 1 - Subject matterArticle 2 - Scope L2Q&AGLArticle 3 - Definitions Q&AGLArticle 4 - Use of credit ratings Q&AGLArticle 5 - Equivalence and certification based on equivalence RTSDAIAL2Q&AGLArticle 5a - Over-reliance on credit ratings by financial institutions Article 5b - Reliance on credit ratings by the European Supervisory Authorities and the European Systemic Risk Board GLArticle 5c - Over-reliance on credit ratings in Union law
Article 6 - Independence and avoidance of conflicts of interest Q&AGLArticle 6a - Conflicts of interest concerning investments in credit rating agencies Q&AArticle 6b - Maximum duration of the contractual relationship with a credit rating agencyArticle 7 - Rating analysts, employees and other persons involved in the issuing of credit ratings Q&AGLArticle 8 - Methodologies, models and key rating assumptions RTSQ&AGLArticle 8a - Sovereign ratings Q&AArticle 8b - Information on structured finance instruments [repealed] RTSArticle 8c - Double credit rating of securitisation instruments Article 8d - Use of multiple credit rating agencies GLArticle 9 - Outsourcing Q&AGLArticle 10 - Disclosure and presentation of credit ratings Q&AGLArticle 11 - General and periodic disclosures RTSQ&AArticle 11a - European rating platform RTSArticle 12 - Transparency reportArticle 13 - Public disclosure feesArticle 13a - Accessibility of information on ESAP
Article 14 - Requirement for registration DAQ&AGLArticle 15 - Application for registration Q&AArticle 16 - Examination of the application for registration of a credit rating agency by ESMA Q&AArticle 17 - Examination of the applications for registration of a group of credit rating agencies by ESMAArticle 18 - Notification of a decision to register, refuse or withdraw registration, and publication of the list of registered credit rating agencies Q&AArticle 19 - Registration and supervisory fees DAQ&AArticle 20 - Withdrawal of registration
Article 21 - ESMA RTSQ&AGLArticle 22 - Competent authoritiesArticle 22a - Examination of compliance with methodology requirementsArticle 23 - Non-interference with content of ratings or methodologiesArticle 23a - Exercise of the powers referred to in Articles 23b to 23dArticle 23b - Requests for informationArticle 23c - General investigations DAGLArticle 23d - On-site inspections DAGLArticle 23e - Procedural rules for taking supervisory measures and imposing fines DAArticle 24 - Supervisory measures by ESMA Article 25 - Hearing of the persons concerned Article 25a - Sectoral competent authorities responsible for the supervision and enforcement of Article 4(1) and Articles 5a, 8c and 8d
Article 26 - Obligation to cooperateArticle 27 - Exchange of information Q&AArticle 28 - Cooperation in case of a request with regard to on-site inspections or investigations [repealed]Article 29 - Colleges of competent authorities [repealed]Article 30 - Delegation of tasks by ESMA to competent authorities DAGLArticle 31 - Notifications and suspension requests by competent authoritiesArticle 32 - Professional secrecy Q&AArticle 33 - Disclosure of information from another Member State [repealed]
Article 36 - Penalties Article 36a - Fines Article 36b - Periodic penalty paymentsArticle 36c - Hearing of the persons subject to the proceedings Article 36d - Disclosure, nature, enforcement and allocation of fines and periodic penalty paymentsArticle 36e - Review by the Court of Justice of the European Union Article 37 - Amendments to AnnexesArticle 38 - Committee procedureArticle 38a - Exercise of the delegationArticle 38b - Revocation of the delegationArticle 38c - Objections to delegated actsArticle 39 - Reports Q&AArticle 39a - ESMA’s staffing and resourcesArticle 39b - Reporting obligations