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Commission Delegated Regulation (EU) No 449/2012Show full title
Commission Delegated Regulation (EU) No 449/2012 of 21 March 2012 supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with regard to regulatory technical standards on information for registration and certification of credit rating agencies (Text with EEA relevance)
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Changes over time for: SECTION 3
Changes to legislation:
Commission Delegated Regulation (EU) No 449/2012,
SECTION 3
is up to date with all changes known to be in force on or before 27 January 2026. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
EUR 2012 No. 449 may be subject to amendment by EU Exit Instruments made by the Financial Conduct Authority under powers set out in The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 2, 3, Sch. Pt. 1. These amendments are not currently available on legislation.gov.uk. Details of relevant amending instruments can be found on their website/s.
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Changes and effects yet to be applied to Chapter 2 Section 3:
- Regulation revoked by 2023 c. 29 Sch. 1 Pt. 1 3
SECTION 3 U.K. Organisational structure and corporate governance
Article 10U.K.Organisational chart
A credit rating agency shall provide ESMA with an organisational chart detailing its organisational structure, including a clear identification of significant roles and the identity of the person responsible for each significant role. Significant roles shall include at least senior management, persons who direct the activities of the branches and senior rating analysts. Where the credit rating agency conducts ancillary services, the organisational chart shall also detail its organisational structure in respect of those services.
Article 11U.K.Organisational structure
1.A credit rating agency shall provide to ESMA information regarding its policies and procedures in relation to its compliance function as set out in point 5 of Section A of Annex I to Regulation (EC) No 1060/2009, review function as set out in point 9 of Section A of Annex I to Regulation (EC) No 1060/2009 and information regarding its policies and procedures established to meet the requirements set out in points 4 and 10 of Section A of Annex I to Regulation (EC) No 1060/2009.
The information provided under this paragraph shall include the information set out in Annex IV points 1, 3 and 4.
2.Where the policies and procedures referred to in paragraph 1 are carried out at group of undertakings level, a credit rating agency shall also provide ESMA with the information set out in Annex IV point 2.
3.A credit rating agency shall also provide ESMA with the information set out in Annex X.
Article 12U.K.Corporate governance
1.A credit rating agency shall provide ESMA with information regarding its internal corporate governance policies and the procedures and terms of reference which govern its senior management, including the administrative or supervisory board, its independent members and, where established, committees.
2.Where a credit rating agency adheres to a recognised corporate governance code of conduct, it shall identify the code and provide an explanation for any situations where it deviates from the code.
3.A credit rating agency shall provide the information set out in points 1 and 2 of Annex V on the members of its administrative or supervisory board.
4.A credit rating agency shall provide ESMA with a copy of the documents referred to in point 3 of Annex V.
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