Article 8c
Double credit rating of securitisation instruments
1.
Where an issuer or a related third party intends to solicit a credit rating of a
securitisation instrument, it shall appoint at least two credit rating agencies to provide credit ratings independently of each other.
2.
The issuer or a related third party as referred to in paragraph 1 shall ensure that the appointed credit rating agencies comply with the following conditions:
(a)
they do not belong to the same group of credit rating agencies;
(b)
they are not a shareholder or a member of any of the other credit rating agencies;
(c)
they do not have the right or the power to exercise voting rights in any of the other credit rating agencies;
(d)
they do not have the right or the power to appoint or remove members of the administrative or supervisory board of any of the other credit rating agencies;
(e)
none of the members of their administrative or supervisory boards are a member of the administrative or supervisory boards of any of the other credit rating agencies;
(f)
they do not exercise, or have the power to exercise, control or a dominant influence over any of the other credit rating agencies.