[ParlTrack]

Proposal for a regulation
Article 4 – paragraph 2 a (new)

A credit rating endorsed under paragraph 2b shall be considered to be a credit rating issued by a credit rating agency established in the Community and registered in accordance with this Regulation. A credit rating agency established in the Community and registered in accordance with this Regulation shall not use the endorsement with the intention of avoiding the requirements of this Regulation.

2009/02/18
Committee: ECON

Udo BULLMANN

Proposal for a regulation
Article 4 – paragraph 2 b (new)

Credit rating agencies established in the Community and registered in accordance with this Regulation shall endorse a credit rating issued in third countries only where credit rating activities resulting in the issuance of such a credit rating comply entirely with the following conditions: (a) credit rating activities resulting in the issuance of the credit rating to be endorsed are undertaken wholly or partly by the endorsing credit rating agency or by credit rating agencies belonging to the same group; (b) the credit rating agency has verified and is able to demonstrate to its competent authority that the conduct of credit rating activities by the third-country credit rating agency resulting in the issuance of the credit rating to be endorsed fulfils the requirements set out in Articles 5 to 11; (c) the ability of the CESR to monitor the compliance of the credit rating agency established in the third country with the requirements referred to in point b is not limited; (d) the credit rating agency makes available to its competent authority, on request, all information necessary to enable the competent authority to supervise, on an ongoing basis, compliance with this Regulation; (e) there is an objective reason for the credit rating to be elaborated in a third country; (f) the supervisory authorities in the third country do not interfere with the content of credit ratings; and (g) where there is a competent authority in the third country, there is an appropriate cooperation arrangement between the CESR and that competent authority. The CESR shall ensure that the cooperation arrangements referred to in point g shall specify, at least: (a) the mechanism for the exchange of information between the competent authorities concerned; and (b) procedures concerning the coordination of supervisory activities in order to CESR to monitor credit rating activities resulting in the issuance of the endorsed credit rating on an ongoing basis.

2009/02/18
Committee: ECON

Udo BULLMANN

Proposal for a regulation
Article 4 – paragraph 2 c (new)

Credit rating agencies that endorse credit ratings issued in third countries in accordance with paragraph 2b shall remain fully responsible for such credit ratings and for the fulfilment of the conditions set out in paragraph 2b.

2009/02/18
Committee: ECON

3 Amendments of Udo BULLMANN related to 2008/0217(COD)

ParlTrack - 2011-2024