Credit Rating Agencies Regulation Art. 5b: every consolidated version and what changed

Version in force 20 June 2013, Inserted +1,557 −0§

Amended by Regulation (EU) No 462/2013 32013R0462 on EUR-Lex (external, EUR-Lex)

Applies from: not readable (an inserted provision states its own application date only in prose) why

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

This provision is newly added, setting out that EBA, EIOPA and ESMA are not to refer to credit ratings in their guidelines, recommendations and draft technical standards where doing so could trigger sole or mechanistic reliance on credit ratings, and that these authorities are to review and remove such references from existing guidelines and recommendations by 31 December 2013.

It also states that the European Systemic Risk Board is not to refer to credit ratings in its warnings and recommendations where such references could trigger sole or mechanistic reliance on credit ratings.

Cited: Art. 5b, v2 (external, EUR-Lex)

v1 is the previous version, v2 this one.

Text from EUR-Lex

Inserted in this version 02009R1060-20130620

Article 5b
Reliance on credit ratings by the European Supervisory Authorities and the European Systemic Risk Board
1. The European Supervisory Authority (European Banking Authority) (EBA) established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council
OJ L 331, 15.12.2010, p. 12., the European Supervisory Authority (European Insurance and Occupational Pensions Authority) (EIOPA) established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council
OJ L 331, 15.12.2010, p. 48. and ESMA shall not refer to credit ratings in their guidelines, recommendations and draft technical standards where such references have the potential to trigger sole or mechanistic reliance on credit ratings by the competent authorities, the sectoral competent authorities, the entitites referred to in the first subparagraph of Article 4(1) or other financial market participants. Accordingly, by 31 December 2013, EBA, EIOPA and ESMA shall review and remove, where appropriate, all such references to credit ratings in existing guidelines and recommendations.
2. The European Systemic Risk Board (ESRB) established by Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board
OJ L 331, 15.12.2010, p. 1. shall not refer to credit ratings in its warnings and recommendations where such references have the potential to trigger sole or mechanistic reliance on credit ratings.