13 Amendments of Werner LANGEN related to 2008/0217(COD)
Amendment 174 #
Proposal for a regulation
Recital 19
Recital 19
(19) CWhen issuing a credit rating, credit rating agencies should have to stakte measures to avoid situations wherein their final report, where applicable, that issuers have requested the preliminary rating assessment of the structured finance instrument concerned from a number of credit rating agencies in order to identify the one offering the best credit rating for the proposed structure. Issuers should alshave to avoid applying such practices.
Amendment 225 #
Proposal for a regulation
Article 2 – paragraph 2
Article 2 – paragraph 2
2. This Regulation shall not apply to private credit ratings. It shall not apply to credit ratings issued by public bodies whose credit ratings are not publicly disclosed and are not paid by the rated entity.
Amendment 245 #
Proposal for a regulation
Article 4 – paragraph 2
Article 4 – paragraph 2
Investment firms and credit institutions referred to in Art. 1 of Directive 2004/39/EC shouldmay not execute orders on behalf of their clients with respect to financial instruments which have been rated, unless the credit rating has been issued by a credit rating agency registered in accordance with this Regulation.
Amendment 273 #
Proposal for a regulation
Article 6 – paragraph 4 – subparagraph 1
Article 6 – paragraph 4 – subparagraph 1
4. A credit rating agency shall ensure that analysts and persons approving credit ratings shall not be involved in providing the credit rating services to the same rated entity or its related third parties for a period exceeding fourof at least two and no more than five years. For that purpose it shall establish a rotation mechanism with regard to those analysts and persons.
Amendment 277 #
Proposal for a regulation
Article 6 – paragraph 4 - subparagraph 2
Article 6 – paragraph 4 - subparagraph 2
Amendment 293 #
Proposal for a regulation
Article 7 – paragraph 3 – subparagraph 2
Article 7 – paragraph 3 – subparagraph 2
A credit rating agency shall record and publish all instances where in its credit rating process it downgradeseparts from existing credit ratings prepared by another credit rating agency with respect to underlying assets or structured finance instruments providing a justification for the downgradeiffering assessment.
Amendment 305 #
Proposal for a regulation
Article 8 – paragraph 1 a (new)
Article 8 – paragraph 1 a (new)
1a. The credit rating agency shall inform the rated entity 12 hours prior to publication of the rating result and of the principal considerations on which the rating is based so that the entity has an opportunity, prior to publication, to draw attention to any factual errors.
Amendment 307 #
Proposal for a regulation
Article 8 – paragraph 3 – point a
Article 8 – paragraph 3 – point a
(a) credit rating categories or scales that may be attributed to structured finance instruments are clearly differentiated from rating categories that may be used to rate other types of rated entities or financial instruments;
Amendment 322 #
Proposal for a regulation
Article 12 – paragraph 1
Article 12 – paragraph 1
1. AEvery credit rating agency maywhich issues ratings used within the Community shall apply for registration in order to ensure that its credit ratings can be used for regulatory purposes by credit institutions, investments firms, insurance, assurance and reinsurance undertakings, undertakings for collective investment in transferable securities (UCITS) and institutions for occupational retirement provision referred to in Article 2 provided that it is a legal person established in the Community.
Amendment 325 #
Proposal for a regulation
Article 12 – paragraph 3 – subparagraph 1
Article 12 – paragraph 3 – subparagraph 1
Amendment 342 #
Proposal for a regulation
Article 17 – paragraph 1 – point a
Article 17 – paragraph 1 – point a
Amendment 437 #
Proposal for a regulation
Annex I – Section B – point 4 – paragraph 2
Annex I – Section B – point 4 – paragraph 2
A credit rating agency may provide services other than issuance of credit ratings, hereinafter "ancillary services". A credit rating agency shall determine what it considers as ancillary services. Itncillary services are not ratings but market forecasts, estimates of economic trends, etc., for which purpose the findings of previous ratings may only be used subject to compliance with confidentiality and data protection requirements. The credit rating agency shall ensure that the provision of ancillary services does not present conflicts of interest with its credit rating activity and shall disclose in the final ratings reports any ancillary services provided for the company.
Amendment 440 #
Proposal for a regulation
Annex I – Section C – point 2 – point c
Annex I – Section C – point 2 – point c
c) has had a recent employment or other business relationship or any other relationship with the rated entity up to one year prior to the rating that may cause or may be generally perceived as causing a conflict of interest.