Version in force , Modified +28 −36§
Amended by Regulation (EU) 2017/2402 32017R2402 on EUR-Lex (external, EUR-Lex) · Regulation (EU) No 462/2013 32013R0462 on EUR-Lex (external, EUR-Lex)
Explanation, written by a model and checked against the cited text
The heading and the operative text of paragraph 1 replace the term "structured finance instrument" with "securitisation instrument".
The remainder of the article, including the conditions listed in paragraph 2, is unchanged in wording.
Cited: Art. 8c, v1 (external, EUR-Lex) · Art. 8c, v2 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 21 June 2015 02009R1060-20150621 → this version, in force 1 January 2019 02009R1060-20190101
Article 8c
Double credit rating of structured finance securitisation instruments
1. Where an issuer or a related third party intends to solicit a credit rating of a structured finance securitisation 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.