1.   In carrying out their duties under this Regulation, neither the competent authorities nor any other public authorities of a Member State shall interfere with the content of credit ratings or methodologies.

2.   In order to carry out their duties under this Regulation, the competent authorities shall, in conformity with national law, have all the supervisory and investigatory powers that are necessary for the exercise of their functions. They shall exercise their powers:

(a)

directly;

(b)	in collaboration with other authorities; or

(c)	by application to the competent judicial authorities.

3.   In order to carry out their duties under this Regulation, the competent authorities shall, in conformity with national law, have the power in their supervisory capacity to:

(a)	access any document in any form and to receive or take a copy thereof;

(b)	demand information from any person and if necessary to summon and question a person with a view to obtaining information;

(c)	carry out on-site inspections with or without announcement; and

(d)	require records of telephone and data traffic.

The competent authorities may use the powers referred to in the first subparagraph only in relation to credit rating agencies, persons involved in credit rating activities, rated entities and related third parties, third parties to whom the credit rating agencies have outsourced certain functions or activities, and persons otherwise related or connected to credit rating agencies or credit rating activities.