1.   Where the competent authority of the home Member State has established that a registered credit rating agency breaches the obligations arising from this Regulation, it may take the following measures:

(a)	withdraw the registration of that credit rating agency in accordance with Article 20;

(b)	temporarily prohibit that credit rating agency from issuing credit ratings with effect throughout the Community;

(c)	suspend the use, for regulatory purposes, of the credit ratings issued by that credit rating agency with effect throughout the Community;

(d)	take appropriate measures to ensure that credit rating agencies continue to comply with legal requirements;

(e)	issue public notices;

(f)	refer matters for criminal prosecution to its relevant national authorities.

2.   Credit ratings may continue to be used for regulatory purposes following the adoption of measures in points (a) and (c) of paragraph 1 during a period not exceeding:

(a)	ten working days if there are credit ratings of the same financial instrument or entity issued by other credit rating agencies registered under this Regulation; or

(b)	three months if there are no credit ratings of the same financial instrument or entity issued by other credit rating agencies registered under this Regulation.

A competent authority may extend the period referred to in point (b) of the first subparagraph by three months in exceptional circumstances relating to the potential for market disruption or financial instability.

3.   Before taking any measures referred to in paragraph 1, the competent authority of the home Member State shall notify the facilitator and shall consult the members of the relevant college. The members of the college shall do everything reasonable within their power to reach an agreement on the necessity to take any measures referred to in paragraph 1.

In the absence of agreement between the members of the college, the competent authority of the home Member State shall, at the request of any member of the college or on its own initiative, request advice from CESR. CESR shall provide its advice within 10 working days of receipt of such request.

In the absence of agreement between the members of the college on whether to take any measures referred to in paragraph 1 within 15 working days after the matter was notified to the facilitator as referred to in the first subparagraph, the competent authority of the home Member State may adopt a decision. Any deviation of that decision from the opinions expressed by the other members of the college and, where appropriate, the advice provided by CESR shall be fully reasoned. The competent authority of the home Member State shall notify its decision, without undue delay, to the facilitator and CESR.

This paragraph shall apply without prejudice to Article 20.