Art. 5c · Over-reliance on credit ratings in Union law

Version in force 20 June 2013, Inserted +667 −0§

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

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This new provision states that the Commission is to continue reviewing whether references to credit ratings in Union law cause or risk causing sole or mechanistic reliance on such ratings by competent authorities, sectoral competent authorities, the entities referred to in Article 4(1) first subparagraph, or other financial market participants.

It further states that this review is aimed at deleting all references to credit ratings in Union law for regulatory purposes by 1 January 2020, on condition that appropriate alternatives to credit risk assessment have been identified and implemented.

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

v1 is the previous version, v2 this one.

Article 5c
Over-reliance on credit ratings in Union law
Without prejudice to its right of initiative, the Commission shall continue to review whether references to credit ratings in Union law trigger or have the potential to trigger sole or mechanistic reliance on credit ratings by the competent authorities, the sectoral competent authorities, the entities referred to in the first subparagraph of Article 4(1) or other financial market participants with a view to deleting all references to credit ratings in Union law for regulatory purposes by 1 January 2020, provided that appropriate alternatives to credit risk assessment have been identified and implemented.