The Capital Requirements Regulations 2006 (revoked) No. 3221

SCHEDULE 1 U.K. Recognition of ECAIs

PART 2 U.K. Credit assessments

Credibility and market acceptance U.K.

8.  The [F1 PRA] must verify that the individual credit assessments of each ECAI are recognised in the market as credible and reliable by the users of such credit assessments.

Textual Amendments

F1 Words in Sch. 1 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 118(aa) (with Sch. 2 para. 119)

9.  The [F1 PRA] must assess credibility according to factors such as the following— U.K.

(a) market share of the ECAI;

(b) revenues generated by the ECAI;

(c) financial resources of the ECAI;

(d) whether there is any pricing on the basis of the rating;

(e) whether at least two credit institutions use the individual credit assessments of the ECAI for—

(i) bond issuing, or

(ii) assessing credit risks.

Textual Amendments

F1 Words in Sch. 1 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 118(aa) (with Sch. 2 para. 119)

Transparency and Disclosure U.K.

10.  The [F1 PRA] must verify that individual credit assessments are—

(a) accessible on equivalent terms to all credit institutions and investment firms having a legitimate interest in those individual credit assessments, and

(b) available to non-domestic parties on equivalent terms as to domestic credit institutions and investment firms having a legitimate interest in those individual credit assessments.

Textual Amendments

F1 Words in Sch. 1 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 118(aa) (with Sch. 2 para. 119)