CHAPTER 2U.K. REGISTRATION

SECTION 6 U.K. Issuance and review of credit ratings

Article 18U.K.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.