Article 16U.K.Development, validation, review and disclosure of rating methodologies
1.A credit rating agency shall provide ESMA, for each class of credit rating, with a high-level description of the range of core models and methodologies used to determine credit ratings.
2.A credit rating agency shall provide ESMA with the following information regarding its policies and procedures:
(a)information regarding the development, validation and review of its rating methodologies, including at least the information set out in point 1 of Annex VII;
(b)information regarding the disclosure of the credit methodologies and descriptions of models and key rating assumptions used in its credit rating activities as set out in point 5 of Part I of Section E of Annex I to Regulation (EC) No 1060/2009.