Annex I

in force 2025-01-17 MODIFIED+409 −31§

Amended by Regulation (EU) 2022/2554 32022R2554

applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)

dates added to the text: 2022-12-14

In Section A point 4, the reference to control and safeguard arrangements for information processing systems was replaced with a reference to arrangements for managing ICT systems in accordance with Regulation (EU) 2022/2554, with a footnote citing that Regulation.

The rest of the point, concerning internal control mechanisms and decision-making procedures, remains worded as before.

Cited: Annex I, v2 · Annex I, v1

in force 2019-01-01 MODIFIED§

Amended by Regulation (EU) 2017/2402 32017R2402 · Regulation (EU) No 462/2013 32013R0462

applies from: unchanged

In Section A point 2, the reference to credit ratings and markets in structured finance instruments was replaced with a reference to securitisation instruments.

In Section B point 5, the reference to the design of structured finance instruments was replaced with a reference to securitisation instruments.

In Section D, Part II's heading and points 1 and 2 now refer to securitisation instruments and rating a securitisation instrument, rather than structured finance instruments and rating a structured finance instrument, while points 3 and 4 of that Part still refer to structured finance instruments and structured finance products.

Cited: Annex I, v1 · Annex I, v2

text before / after, on the event page →

in force 2013-06-20 MODIFIED§

Amended by Regulation (EU) No 462/2013 32013R0462

applies from: unchanged

Sources disagree about what is listed, not about the text — the text comparison found this change; the EU's own amendment metadata does not list it and the amending act's instructions do not mention it. All are shown; none is overruled.

Section B and Section C now extend most of the independence and record-keeping obligations that previously applied only to credit ratings so that they also cover rating outlooks, and add new conflict-of-interest triggers based on shareholders or members holding 5% or 10% or more of a credit rating agency's capital or voting rights, or otherwise able to exercise significant influence over it, including new obligations on fee non-discrimination and on indirect shareholders and controlling companies.

Section D adds a new Part III on sovereign ratings covering research reports, publication timing, and treatment of policy recommendations, alongside expanded disclosure duties tied to rating outlooks, historical default rate references, and a shortened notice period to the rated entity before publication, while Section E adds new periodic disclosure items on client fee lists, pricing policy, staff allocation by asset class, and expanded revenue and turnover reporting.

The prior single provision in Section D governing analyst rotation periods for lead analysts, other analysts and approving persons has been reorganised into separate points distinguishing agencies appointed by an issuer from other agencies and sovereign-rating agencies, and the analyst rotation and confidentiality provisions in Section C are likewise reworded to include rating outlooks.

Cited: Annex I, v2 · Annex I, v1

text before / after, on the event page →

in force 2011-06-01 MODIFIED§

Amended by Regulation (EU) No 513/2011 32011R0513

applies from: unchanged

Sources disagree about what is listed, not about the text — the text comparison and the EU's own amendment metadata found this change; the amending act's instructions do not mention it. All are shown; none is overruled.

In Section A point 2, opinions of the independent board members that were previously to be made available to the competent authority on request are now to be made available to ESMA on request.

In Section B point 8, records and audit trails that were previously to be made available upon request to the competent authorities of the Member States concerned are now to be made available upon request to ESMA.

In Section E, point II.2 now adds a new item (c) requiring an annual list of credit ratings issued during the year indicating the proportion of unsolicited credit ratings among them, alongside the previously existing items on the largest clients and clients with disproportionate revenue growth.

Cited: Annex I, v1 · Annex I, v2

text before / after, on the event page →

detected 2026-08-13 MODIFIED§

no amending act named

applies from: unchanged

In Section C, point 3(c), the description of the natural persons with whom confidential information must not be shared now includes the qualifier that such persons are not directly involved in the credit rating activities, whereas the earlier version described them as being directly involved in those activities.

Cited: Annex I, v1 · Annex I, v2

text before / after, on the event page →