Credit Rating Agencies Regulation Art. 8d: every consolidated version and what changed

Version in force 20 June 2013, Inserted +1,311 −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

A new Article 8d is added, setting out that where an issuer or a related third party plans to appoint at least two credit rating agencies for the same issuance or entity, it is to consider appointing at least one agency with no more than 10% of total market share, provided ESMA's list shows such an agency is available, with documentation required if no such agency is appointed.

The new article also requires ESMA to annually publish a list of registered credit rating agencies with their market share and types of ratings issued, and it defines total market share by reference to annual turnover from credit rating activities and ancillary services at group level.

Cited: Art. 8d, v2 (external, EUR-Lex)

v1 is the previous version, v2 this one.

Text from EUR-Lex

Inserted in this version 02009R1060-20130620

Article 8d
Use of multiple credit rating agencies
1. Where an issuer or a related third party intends to appoint at least two credit rating agencies for the credit rating of the same issuance or entity, the issuer or a related third party shall consider appointing at least one credit rating agency with no more than 10 % of the total market share, which can be evaluated by the issuer or a related third party as capable of rating the relevant issuance or entity, provided that, based on ESMA’s list referred to in paragraph 2, there is a credit rating agency available for rating the specific issuance or entity. Where the issuer or a related third party does not appoint at least one credit rating agency with no more than 10 % of the total market share, this shall be documented.
2. With a view to facilitating the evaluation by the issuer or a related third party under paragraph 1, ESMA shall annually publish on its website a list of registered credit rating agencies, indicating their total market share and the types of credit ratings issued, which can be used by the issuer as a starting point for its evaluation.
3. For the purposes of this Article, total market share shall be measured with reference to annual turnover generated from credit rating activities and ancillary services, at group level.