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31.—(1) The Capital Requirements Regulations 2006(1) are amended as follows.
(2) In regulation 21 (interpretation), after the definition of “assessment methodology” insert—
““EC Regulation” means Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies;”.
(3) In regulation 22 (recognition for exposure risk-weighting purposes), for paragraph (1) substitute—
“(1) The Authority must recognise an ECAI as eligible for exposure risk-weighting purposes only if the Authority is satisfied—
(a)where the requirements of Article 2(3) of the EC Regulation apply to the ECAI, that the ECAI has complied with those requirements; and
(b)taking into account the requirements set out in Schedule 1, that—
(i)the ECAI’s assessment methodology complies with the requirements of objectivity, independence, ongoing review and transparency; and
(ii)the ECAI’s credit assessments meet the requirements of credibility and transparency.”.
(4) In regulation 23 (recognition for securitisation risk-weighting purposes), in paragraph (1), before sub-paragraph (a) insert “(za) where the requirements of Article 2(3) of the EC Regulation apply to the ECAI, that the ECAI has complied with those requirements;”.
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