Article 16
Development, validation, review and disclosure of rating methodologies
1. A credit rating agency shall provide ESMA, for each class of credit rating, with a high-level description of the range of core models and methodologies used to determine credit ratings.
2. A credit rating agency shall provide ESMA with the following information regarding its policies and procedures:
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(a) |
information regarding the development, validation and review of its rating methodologies, including at least the information set out in point 1 of Annex VII; |
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(b) |
information regarding the disclosure of the credit methodologies and descriptions of models and key rating assumptions used in its credit rating activities as set out in point 5 of Part I of Section E of Annex I to Regulation (EC) No 1060/2009. |