Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (Text with EEA relevance) (c. 1060)

ANNEX I U.K. INDEPENDENCE AND AVOIDANCE OF CONFLICTS OF INTEREST

Section E U.K. Disclosures

II. Periodic disclosures U.K.

A credit rating agency shall periodically disclose the following information: U.K.

1. every six months, data about the historical default rates of its rating categories, distinguishing between the main geographical areas of the issuers and whether the default rates of these categories have changed over time; U.K.

[F1 2. annually, the following information: U.K.

(a)

[F2 list of fees charged to each client for individual credit ratings and any ancillary services;

(aa)

its pricing policy, including the fees structure and pricing criteria in relation to credit ratings for different asset classes;]

(b)

a list of those clients of the credit rating agency whose contribution to the growth rate in the generation of revenue of the credit rating agency in the previous financial year exceeded the growth rate in the total revenues of the credit rating agency in that year by a factor of more than 1,5 times. Any such client shall be included on the list only where, in that year, it accounted for more than 0,25 % of the worldwide total revenues of the credit rating agency at global level; and

(c)

a list of credit ratings issued during the year, indicating the proportion of unsolicited credit ratings among them.]

Textual Amendments

F2 Substituted by Regulation (EU) No 462/2013 of the European Parliament and of the Council of 21 May 2013 amending Regulation (EC) No 1060/2009 on credit rating agencies (Text with EEA relevance).

For the purposes of this point, ‘client’ means an entity, its subsidiaries, and associated entities in which the entity has holdings of more than 20 %, as well as any other entities in respect of which it has negotiated the structuring of a debt issue on behalf of a client and where a fee was paid, directly or indirectly, to the credit rating agency for the rating of that debt issue.

Textual Amendments

F1 Substituted by Regulation (EU) No 513/2011 of the European Parliament and of the Council of 11 May 2011 amending Regulation (EC) No 1060/2009 on credit rating agencies (Text with EEA relevance).