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New version applies from 01/01/2019 — introduced by Regulation (EU) No 462/2013, Securitisation Regulation. 99 provisions change. Later versions: 09/01/2024, 17/01/2025. Article 8c changes in this version: compare with the current text.

Article 8c - Double credit rating of structured finance instruments

Article 8c
Double credit rating of structured finance instruments

1.Where an issuer or a related third party intends to solicit a credit rating of a structured finance instrument, it shall appoint at least two credit rating agencies to provide credit ratings independently of each other.

2.The issuer or a related third party as referred to in paragraph 1 shall ensure that the appointed credit rating agencies comply with the following conditions:

(a)

they do not belong to the same group of credit rating agencies;

(b)

they are not a shareholder or a member of any of the other credit rating agencies;

(c)

they do not have the right or the power to exercise voting rights in any of the other credit rating agencies;

(d)

they do not have the right or the power to appoint or remove members of the administrative or supervisory board of any of the other credit rating agencies;

(e)

none of the members of their administrative or supervisory boards are a member of the administrative or supervisory boards of any of the other credit rating agencies;

(f)

they do not exercise, or have the power to exercise, control or a dominant influence over any of the other credit rating agencies.

Official text · consolidated version 21/06/2015 (no longer in force) Open full page ↗
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