11 Amendments of Gianni PITTELLA related to 2008/0217(COD)
Amendment 210 #
Proposal for a regulation
Recital 35
Recital 35
(35) The stricter and clearer legal framework within which credit rating agencies will operate should also facilitateincrease their accountability and allow recourse to civil actions in respect of credit rating agencies in appropriate cases, in accordance with the existing applicable regimes of liability of the Member States.
Amendment 224 #
Proposal for a regulation
Article 2 – paragraph 1
Article 2 – paragraph 1
1. This Regulation shall applyies to credit ratings that are intended for use for regulatory purposes or otherwise by credit institutions as defined in Directive 2006/48/EC, by issuers or offerors in relation to public offering or admission to trading of financial instruments pursuant to Directive 2003/71/ECof the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading1 and Commission Regulation (EC) No 809/2004 of 29 April 2004 implementing Directive 2003/71/EC as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements2, investments firms as defined in Directive 2004/39/EC of the European Parliament and of the Council , insurance undertakings subject to Council Directive 73/239/EEC , assurance undertakings as defined in Directive 2002/83/EC of the European Parliament and of the Council , reinsurance undertakings as defined in Directive 2005/68/EC of the European Parliament and the Council , undertakings for collective investment in transferable securities (UCITS) as defined in Directive [2009/XX/EC ], or institutions for occupational retirement provision as defined in Directive 2003/41/EC of the European Parliament and of the Council and are disclosed publicly or distributed by subscription. 1 OJ L 345, 31.12.2003, p. 64. 2 OJ L 149, 30.4.2004, p. 1.
Amendment 235 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
Credit institutions, investments firms, insurance, assurance and reinsurance undertakings, undertakings for collective investment in transferable securities (UCITS) and, institutions for occupational retirement provision and issuers or offerors referred to in Article 2 may only use for regulatory purposes credit ratings which are issued or endorsed by credit rating agencies established in the Community and registered in accordance with this Regulation.
Amendment 246 #
Proposal for a regulation
Article 4 – paragraph 2 a (new)
Article 4 – paragraph 2 a (new)
The ratings of entities or products located in a third country, issued by credit rating agencies that are established in a third country and subject to legislation considered as equivalent, may, however, be used within the Community under the condition that those ratings are endorsed by a credit rating agency established in the Community and registered in accordance with this Regulation. The credit rating agency registered in the Community shall include a statement to this effect in its rating announcement. The Commission shall establish and publish a list of third-country legislation deemed to be equivalent to this Regulation. This list shall be updated every six months.
Amendment 284 #
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
5. Paragraph 4 shall not apply to a credit rating agency which employs less than 250 employees and takes measures to ensure the objectivity of analysts in the relations with the rated entity or related third parties.
Amendment 296 #
Proposal for a regulation
Article 7 – paragraph 4
Article 7 – paragraph 4
4. A credit rating agency shall monitor credit ratings and review its credit ratings where necessary and where material changes occur that may impact on the rating of an instrument. A credit rating agency shall establish internal arrangements to monitor the impact of changes in macroeconomic or financial market conditions on credit ratings.
Amendment 299 #
Proposal for a regulation
Article 7 – paragraph 5 a (new)
Article 7 – paragraph 5 a (new)
5a. When a credit rating agency issues or endorses a credit rating issued by a non- EU credit rating agency, it is liable for the accuracy of all the information used and of the methodology followed.
Amendment 317 #
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Credit rating agencies shall make available in a central repository established by CESR information on their historical performance data, including the frequency of ratings transition, and information about past credit rating activities. The repository shall be open to the public.
Amendment 398 #
Article 35 – paragraph 1
Credit rating agencies operating in the Community before [the date of entry into force of this Regulation]...* shall adopt all necessary measures to comply with this Regulation and shall submit an application for registration by [six...*. * OJ please insert date of entry into force of this Regulation. * OJ please insert date: 10 months after the entry into force of this Regulation]. .
Amendment 416 #
Proposal for a regulation
Annex I – Section A – point 2 – paragraph 3
Annex I – Section A – point 2 – paragraph 3
The administrative or supervisory board of a credit rating agency shall include at least three non-executive members who shall be are independent. The remuneration of the independent members of administrative or supervisory board shall not be linked to the business performance of the credit rating agency and shall be arranged so as to ensure the independence of their judgement. The term of office of the independent members of the administrative or supervisory board shall be for a pre- agreed fixed period not exceeding fiseven years and shall not be renewable. The dismissal of independent members of the administrative or supervisory board shall only take place in case of misconduct or professional underperformance.
Amendment 448 #
Proposal for a regulation
Annex I – Section D – part II – point 1
Annex I – Section D – part II – point 1
1. Where a credit rating agency rates a structured finance instrument, it shall provide in the credit rating information about loss and cash-flow analysis it has performed as well as an indication of an expected change of the credit rating (credit stability indicator).