[ParlTrack]

Proposal for a regulation – amending act
Recital 5

(5) In order to reinforce competition between credit rating agencies, to help avoiding possible conflicts of interest under the issuer-pays model, which are particularly virulent regarding the rating of structured finance instruments, and to enhance transparency and the quality of ratings for structured finance instruments, registered or certified credit rating agencies should have the right to access a list of structured finance instruments that are being rated by their competitors. The information for this rating should be provided by the issuer or a related third party for the purpose of the issuance of unsolicited competing ratings on structured finance instruments. The issuance of such unsolicited ratings should promote the use of more than one rating per structured finance instrument. Access to the websites should only be granted if a credit rating agency is able to ensure the confidentiality of the requested information.deleted

2010/10/15
Committee: ECON

Wolf KLINZ

Proposal for a regulation – amending act
Recital 17 a (new)

(17a) The registration of a credit rating agency granted by a competent authority should remain valid throughout the Union after the transition of supervisory powers from competent authorities to the European Supervisory Authority (European Securities and Markets Authority).

2010/10/15
Committee: ECON

Wolf KLINZ

Proposal for a regulation – amending act
Article 1 – point 4

Regulation (EC) No 1060/2009
Article 8 a

1. The issuer of a structured finance instrument or a related third party shall provide to the credit rating agency it appoints, on a password-protected website that it shall manage, all information necessary for the credit rating agency to initially determine or monitor a credit rating of a structured finance instrument according to the methodology set out in Article 8(1). 2. Where other credit rating agencies registered or certified according to this Regulation request access to the information referred to in paragraph 1, they shall be granted access without delay provided that they meet all of the following conditions: (a) they have the systems and organisational structure in place to ensure the confidentiality of this information; (b) they provide ratings on a yearly basis for at least 10% of the structured finance instruments for which they request access to information referred to in paragraph 1. 3. In order to ensure a coherent application of this Article, the Commission shall adopt in accordance with the regulatory procedure referred to in Article 38(2) detailed rules specifying in particular the conditions of access and the requirements of the website in order to ensure the accuracy and the confidentiality of data and the protection of personal data in accordance with Directive 95/46/EC.Article 8a deleted Information on structured finance instruments

2010/10/15
Committee: ECON

Wolf KLINZ

Proposal for a regulation – amending act
Article 1 – point 4

Regulation (EC) No 1060/2009
Article 8 b

1. A credit rating agency registered in the Union shall maintain a password- protected website containing: (a) a list of the structured finance instruments for which it is in the process of providing a credit rating, identifying the type of the structured finance instrument, the name of the issuer and the date when the rating process was initiated; (b) a link to the password protected website on which the issuer of the structured finance instrument or a related third party provides the information required under Article 8a(1), as soon as it is in possession of this link. 2. A credit rating agency shall grant access without delay to the password protected website referred to in paragraph 1 to any credit rating agency registered or certified under this Regulation provided that the credit rating agency requesting access complies with the requirements set out in Article 8a (2).Article 8b deleted Access to rating information

2010/10/15
Committee: ECON

Wolf KLINZ

Proposal for a regulation – amending act
Article 1 – point 27 a (new)

Regulation (EC) No 1060/2009
Article 39 a (new)

(27a) The following article is inserted: "Article 39a Report by the European Supervisory Authority (European Securities and Markets Authority) By 31 December 2011, the European Supervisory Authority (European Securities and Markets Authority) shall assess the staffing and resources needs arising from the assumption of its powers and duties in accordance with this Regulation and submit a report to the European Parliament, the Council and the Commission."

2010/10/15
Committee: ECON

Wolf KLINZ

Proposal for a regulation – amending act
Article 1 – point 29

Regulation (EC) No 1060/2009
Article 40 a – paragraph 4 a (new)

4a. Any registration of a credit rating agency in accordance with Chapter I by a competent authority referred to in paragraph 1 of this Article shall remain valid after the transfer of competences to the European Supervisory Authority (European Securities and Markets Authority).

2010/10/15
Committee: ECON

Wolf KLINZ