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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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Commission Delegated Regulation (EU) No 449/2012 is up to date with all changes known to be in force on or before 26 January 2026. There are changes that may be brought into force at a future date. Help about Changes to Legislation

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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  1. Introductory Text

  2. CHAPTER 1 SUBJECT MATTER

    1. Article 1.Subject matter

  3. CHAPTER 2 REGISTRATION

    1. SECTION 1 General

      1. Article 2.Format of the application

      2. Article 3.Attestation of the accuracy and completeness of the application

      3. Article 4.Number of employees

      4. Article 5.Class of credit ratings

      5. Article 6.Policies and procedures

      6. Article 7.Identification, legal status and class of credit ratings

    2. SECTION 2 Ownership structure

      1. Article 8.Owners and parent undertaking of a credit rating agency

      2. Article 9.Ownership chart

    3. SECTION 3 Organisational structure and corporate governance

      1. Article 10.Organisational chart

      2. Article 11.Organisational structure

      3. Article 12.Corporate governance

    4. SECTION 4 Financial resources for the performance of credit rating activities

      1. Article 13.Financial reports

    5. SECTION 5 Staffing and compensation

      1. Article 14.Staffing policies and procedures

      2. Article 15.Fitness and appropriateness

    6. SECTION 6 Issuance and review of credit ratings

      1. Article 16.Development, validation, review and disclosure of rating methodologies

      2. Article 17.Issuance of credit ratings

      3. Article 18.Monitoring of credit ratings

    7. SECTION 7 Description of issue and review procedures and methodologies

      1. Article 19.Credit rating presentation requirements

    8. SECTION 8 Conflicts of interest

      1. Article 20.Independence and avoidance of conflicts of interest

      2. Article 21.Inventory of conflicts of interest

      3. Article 22.Conflicts of interest with respect to ancillary services

    9. SECTION 9 Programme of operations

      1. Article 23.Information regarding the programme of operations

    10. SECTION 10 Use of endorsement

      1. Article 24.Expected use of endorsement

    11. SECTION 11 Outsourcing

      1. Article 25.Outsourcing requirements

  4. CHAPTER 3 CERTIFICATION

    1. SECTION 1 Application for certification

      1. Article 26.Information for application for certification

      2. Article 27.General requirements for the application for certification

    2. SECTION 2 Systemic importance

      1. Article 28.Systemic importance

  5. CHAPTER 4 FINAL PROVISIONS

    1. Article 29.Entry into force

  6. Signature

    1. ANNEX I

      1. DOCUMENT REFERENCES (Article 2)

    2. ANNEX II

      1. GENERAL INFORMATION (Article 7)

        1. 1. Full name

        2. 2. Country of establishment

        3. 3. Address of registered office

        4. 4. Legal status

        5. 5. With respect to the contact person(s) for the purpose of...

        6. 6. With respect to the Compliance Officer:

        7. 7. Description of the business activities the credit rating agency conducts,...

        8. 8. Identification of the class of credit ratings according to the...

        9. 9. Identification of the regulated markets where the credit rating agency...

        10. 10. Financial reports:

        11. 11. Number of employees (excluding employees located in branches) as at...

        12. 12. If a credit rating agency has branches, with respect to...

        13. 13. List of countries from which the credit rating agency intends...

    3. ANNEX III

      1. INFORMATION TO BE PRESENTED WITH REGARD TO THE OWNERSHIP STRUCTURE (Article 8)

        1. 1. Identification of the credit rating agency owners referred to in...

        2. 2. Description of the business activities of the credit rating agency...

        3. 3. Identification of the business activities of the companies in which...

        4. 4. Identification of the owners of the parent undertaking referred to...

    4. ANNEX IV

      1. ORGANISATIONAL STRUCTURE (Article 11)

        1. 1. A credit rating agency shall provide the following information regarding...

        2. 2. Where the arrangements referred to in point 1 of this...

        3. 3. With respect to the compliance function, a credit rating agency...

        4. 4. With respect to the internal audit function carrying out the...

    5. ANNEX V

      1. INFORMATION TO BE PRESENTED WITH REGARD TO CORPORATE GOVERNANCE (Article 12)

        1. 1. Identification of the members of the administrative or supervisory board...

        2. 2. Identification of the independent members of the administrative or supervisory...

        3. 3. A credit rating agency shall provide to ESMA a copy...

    6. ANNEX VI

      1. SELF DECLARATION (Article 15(2))

    7. ANNEX VII

      1. ISSUANCE AND REVIEW OF CREDIT RATINGS (Articles 16, 17 and 18)

        1. 1. The information regarding the policies and procedures referred to in...

        2. 2. The information regarding the policies and procedures referred to in...

        3. 3. The information regarding the policies and procedures referred to in...

        4. 4. The information regarding the policies and procedures referred to in...

    8. ANNEX VIII

      1. INDEPENDENCE AND AVOIDANCE OF CONFLICTS OF INTEREST (Article 20)

    9. ANNEX IX

      1. PROGRAMME OF OPERATIONS (Article 23)

        1. Business concept/Business development

          1. 1. The following information regarding the CRA’s business activities:

        2. Class of credit ratings

          1. 2. The following information regarding the class of credit ratings:

        3. Financial plan

          1. 3. Projections for:

          2. 4. The credit rating agency shall separate the revenues of the...

        4. Corporate governance

          1. 5. Number of members of the following bodies:

        5. Outsourcing

          1. 6. A description of the activities planned to be outsourced, and...

        6. Human Resources/Staffing

          1. 7. Number of permanent and temporary employees working for the following...

          2. 8. The following information:

    10. ANNEX X

      1. RECORD KEEPING, BUSINESS CONTINUITY PLANNING AND INFORMATION SYSTEMS (Article 11)

        1. Record keeping

          1. 1. Information regarding the policies and procedures regarding the record keeping...

        2. Continuity and regularity of the activities

          1. 2. Information regarding the continuity and regularity in the performance of...

        3. Information processing systems

          1. 3. Information regarding the information processing systems as set out in...

    11. ANNEX XI

      1. USE OF ENDORSEMENT (Article 24)

        1. Third-country credit rating agency

          1. 1. The following information for each relevant third-country credit rating agency:...

          2. 2. An organisational ownership chart of each credit rating agency, its...

        2. Assessment of the third-country regulatory regime

          1. 3. In relation to each relevant third-country jurisdiction, detailed information, structured...

        3. Procedures to monitor conduct

          1. 4. A description of the measures put in place by the...

        4. Objective reasons

          1. 5. An indication of objective reasons for credit ratings to be...

        5. Legislation in the third country

          1. 6. Evidence that public authorities are not entitled to interfere with...

    12. ANNEX XII

      1. SYSTEMIC IMPORTANCE INDICATORS (Article 28)

        1. 1. A credit rating agency shall provide ESMA with the volume...

        2. 2. A credit rating agency shall provide information on the annual...

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