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Version · Credit Rating Agencies Regulation

Version in force

Made by Directive 2011/61/EU 32011L0061 on EUR-Lex

Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 Text with EEA relevance

Version 3 of 9 recorded for Credit Rating Agencies Regulation.

First seen by emendrix on , when it first read this version; that is not a legal date.

1 change in this version

  • All explained

What these mean

Consolidated versions 02009R1060-20110601 → 02009R1060-20110721. v1 is the previous version, v2 this one.

Everything Directive 2011/61/EU changed · also changed ESMA Regulation

What changed

Art. 4 Use of credit ratings Modified

+168 −9 characters · Applies from: not readable (the text changed beyond its dates, so no date that moved can be read as the application date) why

dates added to the text: 2011-06-08

Explanation, written by a model and checked against the cited text

The list of entities in paragraph 1 now specifies that alternative investment funds are those as defined in Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, with a citation to its Official Journal publication, whereas the earlier text referred to alternative investment funds without such a defining reference.

The phrase describing the scope of the First Council Directive 73/239/EEC was also reworded from referring to the 'taking-up' of the business of direct insurance to the 'take-up' of that business.

Cited: Art. 4, v1 · Art. 4, v2

v1 is the previous version, v2 this one.

Text from EUR-Lex, before and after

Previous version, in force 1 June 2011 02009R1060-20110601 → this version, in force 21 July 2011 02009R1060-20110721

Article 4 Use of credit ratings 1. Credit institutions as defined in Directive 2006/48/EC, investment firms as defined in Directive 2004/39/EC, insurance undertakings subject to the First Council Directive 73/239/EEC of 24 July 1973 on the coordination of laws, regulations and administrative provisions relating to the taking-up take-up and pursuit of the business of direct insurance other than life assurance OJ L 228, 16.8.1973, p. 3., assurance undertakings as defined in Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance OJ L 345, 19.12.2002, p. 1., reinsurance undertakings as defined in Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance OJ L 323, 9.12.2005, p. 1., UCITS as defined in Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) OJ L 302, 17.11.2009, p. 32., institutions for occupational retirement provision as defined in Directive 2003/41/EC and alternative investment funds as defined in Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers OJ L 174, 1.7.2011, p. 1. may use credit ratings for regulatory purposes only if they are issued by credit rating agencies established in the Union and registered in accordance with this Regulation. Where a prospectus published under Directive 2003/71/EC and Regulation (EC) No 809/2004 contains a … 647 unchanged words … to in Article 5(7) are operational, the credit rating agency endorsing credit ratings issued in that third country shall no longer be required to verify or demonstrate that the condition laid down in paragraph 3(g) of this Article is fulfilled.

The full entry is committed at eu/32009R1060/CHANGELOG.md.