CRAR

• CRAR
  • Note: Relevant CESR Guidance to be integrated at a later stage
  • Recital
  • TITLE I SUBJECT MATTER, SCOPE AND DEFINITIONS
    • Article 1 Subject matter
    • Article 2 Scope

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    • Article 3 Definitions

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    • Article 4 Use of credit ratings

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    • Article 5 Equivalence and certification based on equivalence

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    • Article 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
    • Article 5c Over-reliance on credit ratings in Union law
  • TITLE II ISSUING OF CREDIT RATINGS
    • Article 6 Independence and avoidance of conflicts of interest

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    • Article 6a Conflicts of interest concerning investments in credit rating agencies

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    • Article 6b Maximum duration of the contractual relationship with a credit rating agency
    • Article 7 Rating analysts, employees and other persons involved in the issuing of credit ratings

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    • Article 8 Methodologies, models and key rating assumptions

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    • Article 8a Sovereign ratings

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    • Article 8b Information on structured finance instruments

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    • Article 8c Double credit rating of structured finance instruments
    • Article 8d Use of multiple credit rating agencies

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    • Article 9 Outsourcing
    • Article 10 Disclosure and presentation of credit ratings

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    • Article 11 General and periodic disclosures

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    • Article 11a European rating platform

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    • Article 12 Transparency report
    • Article 13 Public disclosure fees
  • TITLE III SURVEILLANCE OF CREDIT RATING ACTIVITIES
    • CHAPTER I Registration procedure
      • Article 14 Requirement for registration

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      • Article 15 Application for registration
      • Article 16 Examination of the application for registration of a credit rating agency by ESMA
      • Article 17 Examination of the applications for registration of a group of credit rating agencies by ESMA
      • Article 18 Notification of a decision to register, refuse or withdraw registration, and publication of the list of registered credit rating agencies
      • Article 19 Registration and supervisory fees

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      • Article 20 Withdrawal of registration
    • CHAPTER II Supervision by ESMA
      • Article 21 ESMA

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      • Article 22 Competent authorities
      • Article 22a Examination of compliance with methodology requirements
      • Article 23 Non-interference with content of ratings or methodologies
      • Article 23a Exercise of the powers referred to in Articles 23b to 23d
      • Article 23b Requests for information
      • Article 23c General investigations
      • Article 23d On-site inspections
      • Article 23e Procedural rules for taking supervisory measures and imposing fines

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      • Article 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, 8b, 8c and 8d
    • CHAPTER III Cooperation between ESMA, competent authorities and sectoral competent authorities
      • Article 26 Obligation to cooperate

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      • Article 27 Exchange of information

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      • Article 30 Delegation of tasks by ESMA to competent authorities

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      • Article 31 Notifications and suspension requests by competent authorities
      • Article 32 Professional secrecy
    • CHAPTER IV Cooperation with third countries
      • Article 34 Agreement on exchange of information
      • Article 35 Disclosure of information from third countries
  • TITLE IIIA CIVIL LIABILITY OF CREDIT RATING AGENCIES
    • Article 35a Civil liability
  • TITLE IV PENALTIES, COMMITTEE PROCEDURE, REPORTING AND TRANSITIONAL AND FINAL PROVISIONS
    • CHAPTER I Penalties, fines, periodic penalty payments, committee procedure, delegated powers and reporting
      • Article 36 Penalties
      • Article 36a Fines
      • Article 36b Periodic penalty payments
      • Article 36c Hearing of the persons subject to the proceedings
      • Article 36d Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
      • Article 36e Review by the Court of Justice of the European Union
      • Article 37 Amendments to Annexes
      • Article 38 Committee procedure
      • Article 38a Exercise of the delegation
      • Article 38b Revocation of the delegation
      • Article 38c Objections to delegated acts
      • Article 39 Reports
      • Article 39a ESMA’s staffing and resources
      • Article 39b Reporting obligations
    • CHAPTER II Transitional and final provisions
      • Article 40 Transitional provision
      • Article 40a Transitional measures related to ESMA
      • Article 41 Entry into force
  • ANNEX I INDEPENDENCE AND AVOIDANCE OF CONFLICTS OF INTEREST

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  • ANNEX II INFORMATION TO BE PROVIDED IN THE APPLICATION FOR REGISTRATION

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  • ANNEX III
  • ANNEX IV