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Regulation 1060/2009/EC - Credit Rating Agencies Regulation - CRARRecitalsTitle I Subject Matter, Scope and Definitions (arts. 1-5c)Article 1 Subject matterArticle 2 ScopeArticle 3 DefinitionsArticle 4 Use of credit ratingsArticle 5 Equivalence and certification based on equivalenceArticle 5a Over-reliance on credit ratings by financial institutionsArticle 5b Reliance on credit ratings by the European Supervisory Authorities and the European Systemic Risk BoardArticle 5c Over-reliance on credit ratings in Union lawTitle II Issuing of Credit Ratings (arts. 6-13)Article 6 Independence and avoidance of conflicts of interestArticle 6a Conflicts of interest concerning investments in credit rating agenciesArticle 6b Maximum duration of the contractual relationship with a credit rating agencyArticle 7 Rating analysts, employees and other persons involved in the issuing of credit ratingsArticle 8 Methodologies, models and key rating assumptionsArticle 8a Sovereign ratingsArticle 8b Information on structured finance instrumentsArticle 8c Double credit rating of securitisation instrumentsArticle 8d Use of multiple credit rating agenciesArticle 9 OutsourcingArticle 10 Disclosure and presentation of credit ratingsArticle 11 General and periodic disclosuresArticle 11a European rating platformArticle 12 Transparency reportArticle 13 Public disclosure feesArticle 13a Accessibility of information on ESAPTitle III Surveillance of Credit Rating Activities (arts. 14-35)Chapter I Registration procedure (arts. 14-20)Article 14 Requirement for registrationArticle 15 Application for registrationArticle 16 Examination of the application for registration of a credit rating agency by ESMAArticle 17 Examination of the applications for registration of a group of credit rating agencies by ESMAArticle 18 Notification of a decision to register, refuse or withdraw registration, and publication of the list of registered credit rating agenciesArticle 19 Registration and supervisory feesArticle 20 Withdrawal of registrationChapter II Supervision by ESMA (arts. 21-25a)Article 21 ESMAArticle 22 Competent authoritiesArticle 22a Examination of compliance with methodology requirementsArticle 23 Non-interference with content of ratings or methodologiesArticle 23a Exercise of the powers referred to in Articles 23b to 23dArticle 23b Requests for informationArticle 23c General investigationsArticle 23d On-site inspectionsArticle 23e Procedural rules for taking supervisory measures and imposing finesArticle 24 Supervisory measures by ESMAArticle 25 Hearing of the persons concernedArticle 25a Sectoral competent authorities responsible for the supervision and enforcement of Article 4(1) and Articles 5a, 8c and 8dChapter III Cooperation between competent authorities (ss. 26-33)Article 26 Obligation to cooperateArticle 27 Exchange of informationArticle 28 Cooperation in case of a request with regard to on-site inspections or investigationsArticle 29 Colleges of competent authoritiesArticle 30 Delegation of tasks by ESMA to competent authoritiesArticle 31 Notifications and suspension requests by competent authoritiesArticle 32 Professional secrecyArticle 33 Disclosure of information from another Member StateChapter IV Cooperation with third countries (arts. 34-35)Article 34 Agreement on exchange of informationArticle 35 Disclosure of information from third countriesTitle IIIA Civil liability of credit rating agencies (art. 35a)Article 35a Civil liabilityTitle IV Penalties, Committee Procedure, Reporting and Transitional and Final Provisions (arts. 36-41)Chapter I Penalties, committee procedure and reporting (arts. 36-39b)Article 36 PenaltiesArticle 36a FinesArticle 36b Periodic penalty paymentsArticle 36c Hearing of the persons subject to the proceedingsArticle 36d Disclosure, nature, enforcement and allocation of fines and periodic penalty paymentsArticle 36e Review by the Court of Justice of the European UnionArticle 37 Amendments to AnnexesArticle 38 Committee procedureArticle 38a Exercise of the delegationArticle 38b Revocation of the delegationArticle 38c Objections to delegated actsArticle 39 ReportsArticle 39a ESMA's staffing and resourcesArticle 39b Reporting obligationsChapter II Transitional and final provisions (arts. 40-41)Article 40 Transitional provisionArticle 40a Transitional measures related to ESMAArticle 41 Entry into forceAnnex I Independence and Avoidance of Conflicts of InterestAnnex I, Section A Organisational requirementsAnnex I, Section B Operational requirementsAnnex I, Section C Rules on rating analysts and other persons directly involved in credit rating activitiesAnnex I, Section D Rules on the presentation of credit ratings and rating outlooksAnnex I, Section E DisclosuresAnnex II Information to be Provided in the Application for RegistrationAnnex III List of infringements referred to in Article 24(1) and Article 36a(1)Annex IV List of the coefficients linked to aggravating and mitigating factors for the application of Article 36a(3)Done at
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AI Summary of Article 10 Disclosure and presentation of credit ratings

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Version status: Amended | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2019 - onwards
Version 6 of 6

Article 10 Disclosure and presentation of credit ratings

1. A credit rating agency shall disclose any credit rating or rating outlook, as well as any decision to discontinue a credit rating, on a non-selective basis and in a timely manner. In the event of a decision to discontinue a credit rating, the information disclosed shall include full reasons for the decision.

The first subparagraph shall also apply to credit ratings that are distributed by subscription.

2. Credit rating agencies shall ensure that credit ratings and rating outlooks are presented and processed in accordance with the requirements set out in Section D of Annex I and shall not present factors other than those related to the credit ratings.

2a. Until disclosure to the public of credit ratings, rating outlooks and information relating thereto, they shall be deemed to be inside information as defined in, and in accordance with, Directive 2003/6/EC.

Article 6(3) of that Directive shall apply mutatis mutandis to credit rating agencies as regards their duty of confidentiality and their obligation to maintain a list of persons who have access to their credit ratings, rating outlooks or related information before disclosure.

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