Article 5 | Delegated Regulation 449/2012

Article 5 - Class of credit ratings

Article 5

Class of credit ratings

Any information regarding the class of credit ratings shall use the following ratings classes:

(a)	sovereign and public finance ratings;

(b)	structured finance ratings;

(c)

corporate ratings:

(i)	financial institution including credit institutions and investment firms;

(ii)	insurance undertaking;

(iii)

corporate issuer that is not considered a financial institution or an insurance undertaking.

CHAPTER 1 - SUBJECT MATTER (Article 1)

CHAPTER 2 - REGISTRATION (Article 2-25)

SECTION 2 - Ownership structure (Article 8-9)

SECTION 3 - Organisational structure and corporate governance (Article 10-12)

SECTION 4 - Financial resources for the performance of credit rating activities (Article 13)

SECTION 5 - Staffing and compensation (Article 14-15)

SECTION 6 - Issuance and review of credit ratings (Article 16-18)

SECTION 7 - Description of issue and review procedures and methodologies (Article 19)

SECTION 8 - Conflicts of interest (Article 20-22)

SECTION 9 - Programme of operations (Article 23)

SECTION 10 - Use of endorsement (Article 24)

SECTION 11 - Outsourcing (Article 25)

CHAPTER 3 - CERTIFICATION (Article 26-28)

CHAPTER 4 - FINAL PROVISIONS (Article 29)

Article 5 - Class of credit ratings