Procedure completed
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON | GAUZÈS Jean-Paul (PPE) | |
| Opinion | JURI | LEHNE Klaus-Heiner (PPE) |
Legal Basis TFEU 114-p1
Activites
- 2011/05/31 Final act published in Official Journal
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2011/05/11
Final act signed
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2011/05/11
End of procedure in Parliament
- #3081
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2011/04/11
Council Meeting
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2011/04/11
Act adopted by Council after Parliament's 1st reading
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2010/12/15
Results of vote in Parliament
- Results of vote in Parliament
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T7-0478/2010
summary
The European Parliament adopted by 611 votes to 15, with 26 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EC) No 1060/2009 on credit rating agencies.The amendments are the result of a compromise between Council and Parliament. The main amendments seek to provide further details or clarifications concerning the powers of the European Supervisory Authority (European Securities and Markets Authority - ESMA) in its relations with the competent national authorities and amend the Commission’s proposal as follows:Registration and supervision of credit rating agencies: the European Supervisory Authority (European Securities and Markets Authority) should be exclusively responsible for the registration and ongoing supervision of registered credit rating agencies. In the event that it delegates specific tasks to the Member States’ competent authorities, it remains legally responsible. ESMA should have the exclusive power to conclude cooperation agreements on information exchange with competent authorities of third countries. To the extent that competent authorities participate in the decision-making process within ESA (ESMA) or when executing tasks on behalf of ESA (ESMA), they should be covered by those cooperation agreements.Technical regulatory standards: ESMA should submit draft regulatory technical standards concerning the information to be provided by a credit rating agency in its application for registration. In areas not covered by technical standards, ESA (ESMA) should have the power to issue and update non-binding guidelines on issues related to the application of Regulation (EC) No 1060/2009.Requests for information: in order to carry out its duties effectively, ESMA should have the right to request by simple request or by decision all necessary information from credit rating agencies, persons involved in credit rating activities, rated entities and related third parties, third parties to whom the credit rating agencies have outsourced operational functions and persons otherwise closely and substantially related or connected to credit rating agencies or credit rating activities.If ESMA requests such information by simple request, the addressee is not obliged to provide the information but, in the event of a voluntary reply to the request, the information provided should not be incorrect or misleading. Such information should be made available without delay.The powers conferred on ESMA may not be used to require the disclosure of information or documents which are subject to legal privilege.General investigations: ESMA may conduct all necessary investigations of persons who are involved in credit rating activities. To that end, the officials and other persons authorised by ESMA shall be empowered to: i) summon and ask any person for oral or written explanations on facts or documents related to the subject matter and purpose of the inspection and to record the answers; ii) interview any other natural or legal person who consents to be interviewed for the purpose of collecting information relating to the subject matter of an investigation.In order to carry out its duties, ESMA may conduct all necessary on-site inspections at the business premises of the legal persons covered by this Regulation. Where the proper conduct and efficiency of the inspection so require, ESMA may carry out the on-site inspection without prior announcement. Officials of the competent authority of the Member State concerned may also attend the on-site inspections on request.By 1 July 2014 and within the scope of its ongoing supervision, ESMA shall conduct at least one verification of all credit rating agencies falling under its supervisory competences.Examination of the respect of back-testing obligation: in the exercise of its ongoing supervision of credit rating agencies registered under this Regulation, ESMA shall examine regularly credit rating agencies’ respect of the back-testing obligation.ESMA shall also, in the framework of the examination, a) verify the execution of back-testing by credit rating agencies; b) analyse the results of that back-testing; and c) verify that the credit rating agencies have processes in place to take into account the results of the back-testing into their rating methodologies.Fines and penalties: ESMA should also be able to impose fines on credit rating agencies, where it finds that they have committed, intentionally or negligently, an infringement of Regulation (EC) No 1060/2009. Fines should be imposed according to the level of seriousness of the infringements. These may range as high as EUR 750 000.In order to fix the amount of the fine related to a specific infringement, ESMA should use a two-step methodology consisting of i) the setting of a basic amount for the fine and ii) the adjustment, if necessary, of that basic amount by certain coefficients. The basic amount should be established by taking into account the annual turnover of the credit rating agency concerned, and the adjustments should be made by increasing or decreasing the basic amount through the application of the relevant aggravating or mitigating coefficients in accordance with this Regulation. The basic amount shall be at the lower end of the limit for credit rating agencies whose annual turnover is below EUR 10 million, the middle of the limit for the credit rating agencies whose annual turnover is between EUR 10 and 50 million and the higher end of the limit for the credit rating agencies whose annual turnover is higher than EUR 50 million.The amount of the fine shall not exceed 20% of the annual turnover of the credit rating agency concerned in the preceding business year and, where the credit rating agency has directly or indirectly benefited financially from the infringement, the amount of the fine shall be at least equal to that benefit. ESMA’s Board of Supervisors shall by decision impose periodic penalty payments in order to compel a credit rating agency to put an end to an infringement or a person to supply complete information, compel a person to submit to an investigation or to submit to an on-site inspection.The amount of the periodic penalty payments shall be 3% of the average daily turnover in the preceding business year or, in case of natural persons, 2% of the average daily income in the preceding calendar year. The amended text introduces procedures for the adoption of supervisory measures and the imposition of fines. Where it finds that there are serious indications of the possible existence of facts liable to constitute one or more of the infringements covered by the Regulation, ESMA shall appoint an independent investigation officer within ESMA to investigate the matter. Enforcement shall be governed by the rules of civil procedure in force in the State in the territory of which it is carried out. The amounts of the fines and periodic penalty payments shall be allocated to the general budget of the European Union.ESMA shall present annually to the Commission, the European Parliament and the Council a report on penalties imposed including supervisory measures, fines and periodic penalty payments.Transparency and competition: the amended text highlights that the transparency of information given by the issuer of a rated financial instrument to the appointed credit rating agency could have much potential added value for the functioning of the market and investor protection. To strengthen competition between credit rating agencies and to help avoid possible conflicts of interest under the issuer pays model, the Parliament had asked that registered or certified credit rating agencies should be able to access information on finance instruments that are being rated by their appointed competitors in order to be in a position to provide unsolicited ratings. This suggestion was rejected by the Member States but the adopted text calls on the Commission to analyse those issues further and to put forward appropriate legislative proposals. That further work should allow the definition of new transparency obligations in the manner most appropriate to meet the public interest, and most consistent with the protection of investors.Delegated acts: when preparing and drawing-up delegated acts, the Commission should ensure early and continuous transmission of information of relevant documents to the European Parliament and the Council.The European Parliament and the Council should have three months from the date of notification to object to a delegated act. On the initiative of the European Parliament or the Council, it should be possible to prolong that period by three months in regard to significant areas of concern. It should also be possible for the European Parliament and the Council to inform the other institutions of their intention not to raise objections.ESMA report: by 31 December 2011, ESMA 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.
- 2010/12/14 Debate in Parliament
- 2010/11/25 Committee report tabled for plenary, 1st reading/single reading
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2010/11/22
Vote in committee, 1st reading/single reading
- #3045
- 2010/11/17 Council Meeting
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2010/06/23
Committee referral announced in Parliament, 1st reading/single reading
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2010/06/02
Legislative proposal published
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COM(2010)0289
summary
PURPOSE: to improve the supervision carried out by credit rating agencies.PROPOSED ACT: Regulation of the European Parliament and of the Council.BACKGROUND: experience of the financial crisis has exposed important failures in financial supervision, both in particular cases and in relation to the financial system as a whole. Building on the findings of the group of high level experts, chaired by Mr Jacques de Larosière, the European Commission has piloted a fundamental overhaul of financial supervision in Europe with the objective of establishing a more efficient, integrated and sustainable European system of supervision. The Group presented its report on 25 February 2009 and its recommendations were endorsed by the Commission in its Communication to the Spring European Council of March 2009. The key elements of the reform proposed by the Commission are :the establishment of a European System of Financial Supervisors (ESFS), consisting of a network of national financial supervisors working in tandem with new European Supervisory Authorities (ESAs), created by transforming the existing European supervisory committees in a European Banking Authority (EBA), a European Insurance and Occupational Pensions Authority (EIOPA), and a European Securities and Markets Authority (ESMA), andthe establishment of a European Systemic Risk Board (ESRB), which shall monitor and assess potential threats to financial stability that arise from macro-economic developments and from developments within the financial system as a whole. In its Communication of 27 May 2009, the Commission proposed that a European Supervisory Authority should be given the responsibility for the authorisation and supervision of certain entities with pan-European reach, e.g., credit rating agencies. These responsibilities would be defined in the Regulation (EC) No 1060/2009 on Credit Rating Agencies of the European Parliament and of the Council (Credit rating Agencies Regulation).The Commission's suggestion was endorsed by the European Council, at its meeting in June 2009, stating clearly that ESMA should also have supervisory powers for credit rating agencies. The European Parliament and the Council requested the Commission to put forward, by 1 July 2010, a report and any legislative proposal needed to tackle the shortcomings identified as regards supervisory coordination and cooperation arrangements.IMPACT ASSESSMENT: the Commission analysed several options:Option 1: status quo: the key elements of the current supervisory set-up, agreed in the course of the negotiation of the CRA Regulation, would be maintained;Option 2: college structure and ESMA: the ESMA Regulation is adopted as proposed by the Commission on 23 September 2009 and that the supervisory framework as provided by the current CRA Regulation is maintained;Option 3 - ESMA to assume direct oversight of groups of CRAs or all EU-based CRAs: the CRA Regulation would be revised in order to introduce centralised oversight of credit rating agencies operating in the EU. Option 3a: ESMA's authority would be limited to the supervision of CRAs (groups of CRAs) with legal presence in more than one Member State.Option 3b: ESMA would be the sole supervisor of all EU-based CRAs.The European Commission therefore considers that it is appropriate to present a proposal amending the Regulation on credit rating agencies.LEGAL BASE: Article 114 of the TFEU. Community action can address the weaknesses highlighted by the crisis and provide a system that is in line with the objective of a stable and single EU financial market for financial services.CONTENT: this proposal seeks to amend Regulation (EC) No 1060/2009 on Credit Rating Agencies which is to be revised in order to introduce centralised oversight of credit rating agencies operating in the EU. ESMA is to assume general competence in matters relating to the registration and on-going supervision of registered credit rating agencies as well as matters related to ratings issued by rating agencies established in third countries that operate in the EU under the certification or endorsement regimes.This proposal does not introduce any changes to the Regulation on credit rating agencies concerning the substantive conditions that CRAs have to fulfil in order to be registered and later on an ongoing basis. Similarly, the conditions under which ratings issued from credit rating agencies located in third countries may be used in the Union (via the endorsement and certification mechanisms, as foreseen in the CRA Regulation) are not subject of the proposed amendments but will remain as provided for in the current CRA Regulation.The main amendments proposed are the following:Subject matter, scope and definitions: in order to align the Regulation with the new proposal for a Directive on Alternative Investment Fund Managers, alternative investment funds have been listed in order to treat them in the same way as the other EU financial institutions with regard to the use of credit ratings. This implies that in case alternative investment funds use credit ratings for regulatory purposes, those credit ratings must have been issued by a credit rating agency registered or certified under this Regulation. Issuing of Credit Ratings: in order to avoid possible conflicts of interest arising for the CRA under the issuer-pays model which are particularly virulent regarding the rating of structured finance instruments, to enhance transparency and to increase competition among CRAs, issuers of structured finance instruments or related third parties should be required to give access to the information which they have given to the CRA they hired for the purpose of rating structured finance instruments to competing CRAs.Provided they satisfy certain organisational and confidentiality conditions, competing CRAs should be given access, upon request, by the rated entity or a related third party to the information given for the purposes of rating structured finance instruments to the CRAs it hires. The competing CRA being granted access to information should not use it for any other purposes than for the rating and should be required to provide a minimum number of unsolicited ratings, in order to ensure that the request for access to this information does not pursue other purposes.Contrasting to the other substantive requirements in the CRA Regulation which are addressed to credit rating agencies and its staff, this rule imposes disclosure requirements to issuers of structured finance instruments. All registered credit rating agencies will have the possibility to access the information necessary for issuing unsolicited ratings of structured finance instruments. This will lead to more competition in the rating market and increase the number of ratings per instrument so that users of ratings will be able to rely on more than one rating for the same instrument.Registration procedure: as a result of introduction of the new, single supervisory authority for the oversight of credit rating agencies, existing provisions, which envisage a college type of supervisory coordination and ultimate, formal decision-making by a competent authority of the home Member State, are to be eliminated. The creation of ESMA will improve and streamline the procedure for registration, making it simpler (as a result of eliminating redundant consultation steps between authorities in the college and with CESR) and thus it is possible to reduce the time limits in the different stages of the registration process.Surveillance by ESMA: in order to facilitate day-to-day application of the Regulation, ESMA should be empowered to propose draft technical standards to be endorsed by the Commission on: i) the registration process, including on the information set out in Annex II; ii) the information that the credit rating agency must provide for the application for certification and for the assessment of its systemic importance to the financial stability or integrity of financial markets; and iii) the presentation of the information, including structure, format, method and period of reporting, that credit rating agencies shall disclose.ESMA is to be empowered to require all necessary information from CRAs and other persons related to credit rating activity. It will be able to start investigations into the potential breaches of the Regulation and in the remit of those it must be able to exercise supervisory powers such as examining records and other relevant material and taking copies/extracts thereof, requiring oral explanations, hearing a person, requiring records of telephone and data traffic. The ESMA must also be able to conduct on-site inspections. The rights of defence of the persons concerned shall be fully respected in the proceedings. In particular, ESMA must give the persons concerned the opportunity of being heard on the matters to which ESMA has taken objection.Cooperation between ESMA and competent authorities: competent authorities are to keep the oversight responsibilities regarding the use of credit ratings by the supervised entities (like credit institutions, or insurance undertakings) which employ those credit ratings for regulatory purposes. National supervisory authorities must also contribute to the supervisory activity of ESMA, by ensuring all necessary information exchange and co-operation, which may be required in the exercise of supervisory and enforcement powers of ESMA.Where necessary or appropriate for reasons of efficiency, in its supervisory activity ESMA must be able to seek the assistance of a competent supervisory authority at national level. Assistance by competent authorities should be provided when ESMA is carrying out investigations and on site inspections.ESMA may also delegate specific supervisory tasks to competent national authorities. Possible tasks that may be delegated include the carrying out of specific investigatory tasks and on-site inspections, the assessment of an application for registration, but also tasks related to day-to-day supervision. Delegation of tasks will not affect the responsibility of ESMA which may give instructions to the authority to which it has delegated a task.Penalties, Committee procedure and reporting: ESMA may propose to the Commission to impose periodic penalty payments. This coercive measure is to help achieve that: i) an infringement is put to an end, ii) complete and correct information which ESMA has requested is supplied; iii) credit rating agencies and other persons submit to an investigation. ESMA may also propose fines to be adopted by the Commission, where, intentionally or negligently, some of the provisions of the Regulation on credit rating agencies have been breached. Detailed criteria for establishing the amount of the fines as well as procedural aspects related to fines will be set out in a delegated act.In addition to proposing sanctions, ESMA shall also be empowered to adopt supervisory measures where a credit rating agency has committed a breach of the Regulation. Those measures include the temporary prohibition of the issuing of credit ratings and the suspension of the use of the credit ratings concerned until the infringement has been put to an end. As a last resort measure, ESMA is empowered to withdraw the registration of a credit rating agency.In addition, ESMA has the power to require the credit ratings agencies to bring an infringement to an end and to issue public notices. Those measures shall be applied in cases which do not justify the adoption of a sanction or more severe supervisory measure, taking account of the principle of proportionality.The committee procedures have been aligned with the Lisbon Treaty.Transitional and final provisions: once ESMA will be in place and operational, the competent authorities of the Member States will have to terminate their competences and duties related to the supervisory and enforcement activity in the field of credit rating agencies which had been conferred to them by the Regulation on credit rating agencies.BUDGETARY IMPACT: an overall overview of the budgetary implications of the proposals setting up ESMA was presented in September 2009 in the impact assessment report and accompanying legislative financial statements accompanying such legislative proposals (see the legislative financial statement added to the proposal on the setting up of the European Securities Markets Authority).The specific implications on ESMA concerning the direct supervision and oversight of credit rating agencies are specified in the legislative financial statements accompanying this proposal. The impact for the 2011-2013 are the following:Operating appropriations: EUR1.001 millionHuman resources and other administrative expenditure: EUR 1.464 millionTotal appropriations: EUR 2.465 million.The proposal provides for co-funding estimated at EUR 1.501 million in 2011 (60% of total needs by Member States, via EU National Supervisors –proposed ESMA standard financing mechanism).
- DG {'url': 'http://ec.europa.eu/dgs/internal_market/', 'title': 'Internal Market and Services'}, BARNIER Michel
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COM(2010)0289
summary
Documents
- Legislative proposal published: COM(2010)0289
- Debate in Council: 3045
- Committee report tabled for plenary, 1st reading/single reading: A7-0340/2010
- Debate in Parliament: Debate in Parliament
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament, 1st reading/single reading: T7-0478/2010
- : Regulation 2011/513
- : OJ L 145 31.05.2011, p. 0030
| Amendments | Dossier |
| 125 |
2010/0160(COD)
2010/10/12
JURI
24 amendments...
Amendment 21 #
Proposal for a regulation – amending act Recital 5 a (new) (5a) The European Union should consider setting up a public European rating agency, the main purpose of which would be to produce independent and impartial ratings without being influenced or restricted by commercial considerations; the agency should produce a mandatory second rating in response to every rating produced by a rating agency registered, and operating, in the European Union.
Amendment 22 #
Proposal for a regulation – amending act Recital 11 (11) In order to effectively carry out its duties, the European Securities and
Amendment 23 #
Proposal for a regulation – amending act Recital 12 (12) In order to effectively exercise its supervisory powers, the European Securities and Markets Authority should have the right to conduct investigations and on-site-inspections. When exercising its supervisory and investigatory powers, the European Securities and Markets Authority should
Amendment 24 #
Proposal for a regulation – amending act Recital 15 Amendment 25 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 a – paragraph 2 a (new) 2a. ESMA shall examine any significant differences in the ratings granted by the different credit rating agencies for the same structured finance instrument, and shall verify whether the case in question calls for measures in the framework of this Regulation.
Amendment 26 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 b – paragraph 1 – point a (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
Amendment 27 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 b – paragraph 2 a (new) 2a. The same access under the same conditions shall be granted to the competent national authorities.
Amendment 28 #
Proposal for a regulation – amending act Article 1 – point 9 Regulation (EC) No 1060/2009 Article 20 – paragraph 1 – point a Amendment 29 #
Proposal for a regulation – amending act Article 1 – point 9 Regulation (EC) No 1060/2009 Article 20 – paragraph 1 – point b Amendment 30 #
Proposal for a regulation – amending act Article 1 – point 9 Regulation (EC) No 1060/2009 Article 20 – paragraph 1 a (new) 1a. A credit agency may renounce its registration by a declaration to ESMA, which shall note the fact. From the date on which it is noted, the registration concerned shall cease to produce any legal effects for the future.
Amendment 31 #
Proposal for a regulation – amending act Article 1 – point 9 Regulation (EC) No 1060/2009 Article 20 – paragraph 2 a (new) 2a. ESMA shall decree the annulment of a registration where it is established that it was obtained in breach of the conditions required for a valid agreement.
Amendment 32 #
Proposal for a regulation – amending act Article 1 – point 13 Regulation (EC) No 1060/2009 Article 23 b – paragraph 3 a (new) 3a. The investigation shall take place in conformity with the internal rules of the territory where it is held. The law of the Member State concerned shall apply to all substantial aspects governed by this Regulation, and also to the formal aspects.
Amendment 33 #
Proposal for a regulation – amending act Article 1 – point 13 Regulation (EC) No 1060/2009 Article 23 c – paragraph 3 3. The officials and other persons authorised by ESMA to conduct an on-site inspection shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the inspection, the persons designated to carry it out and their position within the authority, and the periodic penalty payments provided for in Article 36b in case the persons concerned do not submit to the inspection. In good time before the inspection, ESMA shall give notice of the inspection to the competent authority of the Member State in whose territory it is to be conducted.
Amendment 34 #
Proposal for a regulation – amending act Article 1 – point 14 Regulation (EC) No 1060/2009 Article 24 – paragraph 1 – point aa (new) (aa) establish deterrent fines and penalties pursuant to Articles 36a and 36b;
Amendment 35 #
Proposal for a regulation – amending act Article 1 – point 14 Regulation (EC) No 1060/2009 Article 24 – paragraph 3 – point a (a) ten working days from the publication of the decision on ESMA's website pursuant to paragraph 4, if there are credit ratings of the same financial instrument or entity issued by other credit rating agencies registered under this Regulation; or
Amendment 36 #
Proposal for a regulation – amending act Article 1 – point 14 Regulation (EC) No 1060/2009 Article 24 – paragraph 3 – point b (b) three months from the publication of the decision on ESMA's website pursuant to paragraph 4 if there are no credit ratings of the same financial instrument or entity issued by other credit rating agencies registered under this Regulation.
Amendment 37 #
Proposal for a regulation – amending act Article 1 – point 14 Regulation (EC) No 1060/2009 Article 24 – paragraph 4 a (new) 4a. If there is an appeal against a decision to penalise, publication of the decision shall be suspended until there is a ruling on the appeal.
Amendment 38 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 a – paragraph 1 1.
Amendment 39 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 b – paragraph 1 - introductory phrase 1.
Amendment 40 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 c – paragraph 1 1. Before taking decision on a fine or periodic penalty payment as provided for in Articles 36a and 36b,
Amendment 41 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 c – paragraph 2 2. The rights of defence of the persons concerned shall be fully respected in the proceedings. They shall be entitled to have access to
Amendment 42 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 d – paragraph 1 1.
Amendment 43 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 d a (new) Amendment 44 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 e The Court of Justice shall have unlimited jurisdiction to review decisions whereby
source: PE-450.737
2010/10/15
ECON
101 amendments...
Amendment 100 #
Proposal for a regulation – amending act Article 1 – point 14 Regulation (EC) No 1060/2009 Article 25 – paragraph 1 – subparagraph 2 The obligation referred to in the first subparagraph does not apply if urgent action is needed in order to prevent significant damage to the financial system in which case
Amendment 101 #
Proposal for a regulation – amending act Article 1 – point 14 Regulation (EC) No 1060/2009 Article 25 – paragraph 1 a (new) 1a. Any interim decision made pursuant to paragraph 1 shall apply only for a specified period of time and shall be renewed only to the extent necessary and proportionate.
Amendment 102 #
Proposal for a regulation – amending act Article 1 – point 14 Regulation (EC) No 1060/2009 Article 25 – paragraph 2 a (new) 2a. The Commission shall adopt, by means of delegated acts in accordance with Article 38a and subject to the conditions of Articles 38b and 38c, detailed rules relating to the application of Article 24(1) by the European Supervisory Authority (European Securities and Markets Authority) specifying in particular the arrangements for: (a) the service of statements of objections by the European Supervisory Authority (European Securities and Markets Authority); (b) the conduct of hearings; (c) replies to statements of objections; (d) access to documents; and (e) complaint and dispute resolution relating to procedural fairness.
Amendment 103 #
Proposal for a regulation – amending act Article 1 – point 17 Regulation (EC) No 1060/2009 Article 26 Amendment 104 #
Proposal for a regulation – amending act Article 1 – point 17 Regulation (EC) No 1060/2009 Article 27 – paragraph 1 1. The competent authorities shall, without undue delay, supply the E
Amendment 105 #
Proposal for a regulation – amending act Article 1 – point 19 Regulation (EC) No 1060/2009 Article 30 Amendment 106 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 a – paragraph 1 1.
Amendment 107 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 a – paragraph 1 1.
Amendment 108 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 a – paragraph 1 1.
Amendment 109 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 a – paragraph 1 1. At
Amendment 110 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 a – paragraph 2 2. The fines referred to in paragraph 1 shall be dissuasive and proportionate to the nature and seriousness of the breach, the duration of the breach and the economic capacity of the credit rating agency, issuer of a structured finance instrument or related third party concerned. The amount of the fine shall not exceed
Amendment 111 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 a – paragraph 3 3. Notwithstanding paragraph 2, where the credit rating agency has directly or indirectly gained a quantifiable financial benefit from the breach, the amount of the
Amendment 112 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 a – paragraph 4 – point a (a)
Amendment 113 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 a – paragraph 4 a (new) 4a. The European Supervisory Authority (European Securities and Markets Authority) shall assist the Commission in drafting the delegated acts referred to in paragraph 4.
Amendment 114 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 a – paragraph 4 a (new) 4a. The Commission shall adopt, by means of delegated acts in accordance with Article 38a and subject to the conditions of Articles 38b and 38c, detailed rules for the implementation of this Article, specifying a list of fines, and their limits, relating to the breaches listed in Annex III.
Amendment 115 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 b – paragraph 1 – introductory part 1.
Amendment 116 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 b – paragraph 1 – introductory part 1.
Amendment 117 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 b – paragraph 2 a (new) 2a. The Commission shall adopt, by means of delegated acts in accordance with Article 38a and subject to the conditions of Articles 38b and 38c, detailed rules for the implementation of this Article, specifying in particular: (a) the detailed criteria for establishing the amount of the periodic penalty payments; (b) the procedures for enquiries, associated measures and reporting, and rules of procedure for decision-making, including provisions on the rights of defence, access to the file, legal representation, confidentiality and temporal provisions and the quantification and collection of periodic penalty payments.
Amendment 118 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 c – paragraph 1 1. Before taking decision on a fine or periodic penalty payment as provided for in Articles 36a and 36b, the
Amendment 119 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 c – paragraph 2 2. The rights of defence of the persons concerned shall be fully respected in the proceedings. They shall be entitled to have access to the
Amendment 120 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 c – paragraph 2 a (new) 2a. The Commission shall adopt, by means of delegated acts in accordance with Article 38a and subject to the conditions of Articles 38b and 38c, detailed rules to set out the procedure that the European Supervisory Authority (European Securities and Markets Authority) and the Commission will follow when exercising their powers under Articles 36a and 36b. specifying in particular the arrangements for: (a) the service of statements of objections by the European Supervisory Authority (European Securities and Markets Authority); (b) the conduct of hearings; (c) replies to statements of objections; (d) access to documents; and (e) complaint and dispute resolution relating to procedural fairness.
Amendment 121 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 d – paragraph 1 1. The
Amendment 122 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 d – paragraph 1 1. The Commission shall disclose to the public every fine and periodic penalty payment that has been imposed in accord
Amendment 123 #
Proposal for a regulation – amending act Article 1 – point 24 Regulation (EC) No 1060/2009 Article 36 e The Court of Justice shall have unlimited jurisdiction to review decisions whereby the
Amendment 124 #
Proposal for a regulation – amending act Article 1 – point 26 Regulation (EC) No 1060/2009 Article 38 a – paragraph 1 1. The power
Amendment 125 #
Proposal for a regulation – amending act Article 1 – point 26 Regulation (EC) No 1060/2009 Article 38 b – paragraph 1 1. The delegation of power referred to in the third subparagraph of Article 5
Amendment 126 #
Proposal for a regulation – amending act Article 1 – point 27 – point b Regulation (EC) No 1060/2009 Article 39 – paragraph 3 a (new) 3a. By 1 July 2011, the Commission shall publish a decision establishing: (a) an independent enforcement advisory committee in relation to the powers under Articles 24, 36a and 36b; (b) a hearing officer who shall ensure that the right to appeal is effectively exercised under this Regulation.
Amendment 127 #
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."
Amendment 128 #
Proposal for a regulation – amending act Article 1 – point 29 Regulation (EC) No 1060/2009 Article 40 a – paragraph 1 1. All competences and duties related to the supervisory and enforcement activity in the field of credit rating agencies, which were conferred to the competent authorities of the Member States, whether acting as competent authorities of the home Member State or not, and their colleges where those have been established, shall
Amendment 129 #
Proposal for a regulation – amending act Article 1 – point 29 Regulation (EC) No 1060/2009 Article 40 a – paragraph 2 2. Any files and working documents related to the supervisory and enforcement activity in the field of credit rating agencies, including any on-going examinations and enforcement actions shall be taken over by
Amendment 130 #
Proposal for a regulation – amending act Article 1 – point 29 Regulation (EC) No 1060/2009 Article 40 a – paragraph 3 3. The competent authorities and colleges referred to in paragraph 1 shall ensure that
Amendment 131 #
Proposal for a regulation – amending act Article 1 – point 29 Regulation (EC) No 1060/2009 Article 40 a – paragraph 3 3. The competent authorities and colleges referred to in paragraph 1 shall ensure that any existing records and working papers shall be transferred to
Amendment 132 #
Proposal for a regulation – amending act Article 1 – point 29 Regulation (EC) No 1060/2009 Article 40 a – paragraph 4 4.
Amendment 133 #
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).
Amendment 134 #
Proposal for a regulation – amending act Article 1 – point 29 Regulation (EC) No 1060/2009 Article 40 a – paragraph 5 5. Where judicial review of a decision, which was taken by a competent authority referred to in paragraph 1 under this Regulation, is on-going on
Amendment 135 #
Proposal for a regulation – amending act Annex I – point 2 a (new) Regulation (EC) No 1060/2009 Annex I – Section E – title II – point 2 – point b a (new) (2a) In Section E, the following point is inserted in point 2 of title II: "(ba) a list of ratings issued during the year, indicating the proportion of unsolicited ratings among them.”
Amendment 136 #
Proposal for a regulation – amending act Annex II Regulation (EC) No 1060/2009 Annex III – title I – point v Amendment 137 #
Proposal for a regulation – amending act Annex II Regulation (EC) No 1060/2009 Annex III – title I – point w Amendment 138 #
Proposal for a regulation – amending act Annex II Regulation (EC) No 1060/2009 Annex III – title I – point w Amendment 139 #
Proposal for a regulation – amending act Annex II Regulation (EC) No 1060/2009 Annex III – title I – point w a (new) (wa) The CRA infringes Article 8a(2b) by not issuing at least 5% per annum of its ratings for structured financial market products unsolicited.
Amendment 140 #
Proposal for a regulation – amending act Annex II Regulation (EC) No 1060/2009 Annex III – title III – point f Amendment 141 #
Proposal for a regulation – amending act Annex II Regulation (EC) No 1060/2009 Annex III – title III – point g Amendment 142 #
Proposal for a regulation – amending act Annex II Regulation (EC) No 1060/2009 Annex III – title III – point h Amendment 143 #
Proposal for a regulation – amending act Annex II Regulation (EC) No 1060/2009 Annex III – title III – point i Amendment 144 #
Proposal for a regulation – amending act Annex II Regulation (EC) No 1060/2009 Annex III – title III – point m (m) The CRA infringes Article 10(4) by not disclosing its policies and procedures regarding
Amendment 145 #
Proposal for a regulation – amending act Annex II Regulation (EC) No 1060/2009 Annex III – title III – point n (n) The CRA infringes Article 10(5) by not providing the information as required by this Article
Amendment 45 #
Proposal for a regulation – amending act Recital 4 (4) The scope of the action of the European Supervisory Authority (European Securities and Markets Authority
Amendment 46 #
Proposal for a regulation – amending act Recital 5 Amendment 47 #
Proposal for a regulation – amending act Recital 5 (5) In order to reinforce competition between credit rating agencies, to help avoid
Amendment 48 #
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
Amendment 49 #
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. Furthermore, in addition to private credit rating agencies, a public European agency should be set up to increase transparency in the financial markets. For this purpose ESMA should draft appropriate proposals jointly with the Commission.
Amendment 50 #
Proposal for a regulation – amending act Recital 15 (15) The European Supervisory Authority (European Securities and Markets Authority) should be able to
Amendment 51 #
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).
Amendment 52 #
Proposal for a regulation – amending act Recital 21 a (new) (21a) As the development of the debt crisis in some Member States in the euro area has shown, private credit rating agencies are not in a position to assess public bonds in a meaningful way. Moreover, the panic-stricken down-rating of particular government bonds resulted in upheavals in States’ budgets. For these reasons, and because private undertakings cannot be allowed to assess democratically constituted States, their economies and budgets which have been examined by democratically legitimate official bodies, credit rating agencies should not be permitted to assess public bonds.
Amendment 53 #
Proposal for a regulation – amending act Article 1 – point 1 – point a a (new) Regulation (EC) No 1060/2009 Article 4 – paragraph 1 – subparagraph 2 (aa) In Article 4(1), the second subparagraph is replaced by the following: Where a prospectus published under Directive 2003/71/EC and Regulation (EC) No 809/2004 contains a reference to a credit rating or credit ratings, the issuer, offeror, or person asking for admission to trading on a regulated market shall ensure that the prospectus also includes clear and prominent information stating whether or not such credit ratings are issued by a credit rating agency established in the Union and registered under this Regulation. If more than one rating in accordance with this regulation exists for a product or undertaking, a rating for which is referred to in prospectuses, consultations or other advertising, all the ratings available shall be quoted on an equal basis and in the same degree of detail. No distinction shall be made between solicited and unsolicited ratings, and it shall not be indicated whether ratings were solicited or unsolicited.”
Amendment 54 #
Proposal for a regulation – amending act Article 1 – point 1 – point b – point i Regulation (EC) No 1060/2009 Article 4 – paragraph 3 – point b (b) the credit rating agency has verified and is able to demonstrate on an ongoing basis to the European Supervisory Authority (European Securities and Markets
Amendment 55 #
Proposal for a regulation – amending act Article 1 – point 1 – point b – point i Regulation (EC) No 1060/2009 Article 4 – paragraph 3 – point b a (new) (ba) the requirements set out in point (b) are the result of the third country’s regulatory regime or, in the absence of such regulatory requirements, result from the credit rating agency itself applying such requirements to its credit rating activities in that third country. In either event, the endorsing credit rating agency shall remain responsible to the European Supervisory Authority (European Securities and Markets Authority) for its compliance with such requirements, in accordance with paragraph 5;
Amendment 56 #
Proposal for a regulation – amending act Article 1 – point 1 – point b – subpoint i Regulation (EC) No 1060/2009 Article 4 – paragraph 3 – point b a(new) (ba) the requirements set out in point (b) are due to the credit rating agency itself applying such requirements to its credit rating activities in that third country. In any event, the endorsing credit rating agency shall remain accountable to the European Supervisory Authority (European Securities and Markets Authority) for its compliance with such requirements, in accordance with paragraph 5;
Amendment 57 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 a Amendment 58 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 a Amendment 59 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 a – Title Information on
Amendment 60 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 a – paragraph 1 1. The issuer of a
Amendment 61 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 a – paragraph 1 1. The issuer of a structured finance instrument or a related third party shall provide to the credit rating agency it appoints, on a
Amendment 62 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 a – paragraph 2 Amendment 63 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 a – paragraph 2 – introductory part 2. Where institutional investors or 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
Amendment 64 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 a – paragraph 2 – introductory part 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
Amendment 65 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8a – paragraph 2 – introductory part 2. Where other credit rating agencies registered or certified according to this Regulation request access to the information referred to in paragraph 1, they
Amendment 66 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 a – paragraph 2 – point b Amendment 67 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8a – paragraph 2 – point b Amendment 68 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 a – paragraph 2 – point b (b) they provide ratings on a yearly basis for at least
Amendment 69 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8a – paragraph 2 a (new) 2a. The issuer of the security concerned shall ensure that the unsolicited agency receives the same information with reference to the rating as the solicited agency. This notably also applies to information which does not relate solely to the security in question but which can assist in its assessment – particularly if the solicited agency has already received such information from previous assignments from the issuer.
Amendment 70 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8a – paragraph 2 b (new) 2b. Each credit rating agency shall issue at least 5% per annum of its ratings for structured financial market products unsolicited.
Amendment 71 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 a – paragraph 3 Amendment 72 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 a – paragraph 3 a (new) 3a. If, on ...*, no credit rating agency has determined and maintained credit ratings for at least 10% of the structured finance instruments for which they accessed the information referred to in paragraph 1, this Article 8 and Article 8b shall cease to have effect. * OJ please insert date: 24 months after the date of entry into force of this Regulation.
Amendment 73 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 b Amendment 74 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 b Amendment 75 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 b A
Amendment 76 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 b – paragraph 1 – introductory part 1. A credit rating agency or group of credit rating agencies registered in the Union shall maintain a
Amendment 77 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 b – paragraph 1 – point (b) (b) a link to the
Amendment 78 #
Proposal for a regulation – amending act Article 1 – point 4 Regulation (EC) No 1060/2009 Article 8 b – paragraph 2 2. A credit rating agency shall grant access without delay to the
Amendment 79 #
Proposal for a regulation – amending act Article 1 – point 5 a (new) Regulation (EC) No 1060/2009 Article 10 – paragraph 4 (5a) Article 10(4) is replaced by the following: "4. A credit rating agency shall disclose its policies and procedures regarding [...] credit ratings.”
Amendment 80 #
Proposal for a regulation – amending act Article 1 – point 5 b (new) Regulation (EC) No 1060/2009 Article 10 – paragraph 5 –subparagraph 1 Amendment 81 #
Proposal for a regulation – amending act Article 1 – point 5 c (new) Regulation (EC) No 1060/2009 Article 10 – paragraph 5 – subparagraph 2 5c. In Article 10(5), the second subparagraph is replaced by the following: “Unsolicited credit ratings shall be identified as such for the internal use of the credit rating agency and for purposes of supervision by ESMA and other competent authorities.”
Amendment 82 #
Proposal for a regulation – amending act Article 1 – point 9 Regulation (EC) No 1060/2009 Article 18 – paragraph 3 3.
Amendment 83 #
Proposal for a regulation – amending act Article 1 – point 11 a (new) Regulation (EC) No 1060/2009 Article 22 a (new) Amendment 84 #
Proposal for a regulation – amending act Article 1 – point 12 Regulation (EC) No 1060/2009 Article 23 In carrying out their duties under this Regulation,
Amendment 85 #
Proposal for a regulation – amending act Article 1 – point 13 Regulation (EC) No 1060/2009 Article 23 a – paragraph 2 2. Where requesting information referred to in paragraph 1,
Amendment 86 #
Proposal for a regulation – amending act Article 1 – point 13 Regulation (EC) No 1060/2009 Article 23 b – paragraph 1 – introductory part 1.
Amendment 87 #
Proposal for a regulation – amending act Article 1 – point 13 Regulation (EC) No 1060/2009 Article 23 c – paragraph 1 1. In order to carry out its duties under this
Amendment 88 #
Proposal for a regulation – amending act Article 1 – point 13 Regulation (EC) No 1060/2009 Article 23 c – paragraph 1 1. In order to carry out its duties under this Regulation,
Amendment 89 #
Proposal for a regulation – amending act Article 1 – point 14 Regulation (EC) No 1060/2009 Article 24 – paragraph 1 – point d Amendment 90 #
Proposal for a regulation – amending act Article 1 – point 14 Regulation (EC) No 1060/2009 Article 24 – paragraph 1 – point f Amendment 91 #
Proposal for a regulation – amending act Article 1 – point 14 Regulation (EC) No 1060/2009 Article 24 – paragraph 1 a (new) 1a. Where a credit rating agency fails to comply with one of the requirements listed in Annex III or another requirement of this regulation, information about the breach shall be published. In addition, the credit rating agency shall be called upon to bring the infringement to an end immediately. ESMA may waive the publication requirement and omit the call to bring the infringement to an end if this is necessary in the interests of an investigation, with reference both to investigations within ESMA and to cooperation with the relevant national authorities.
Amendment 92 #
Proposal for a regulation – amending act Article 1 – point 14 Regulation (EC) No 1060/2009 Article 24 – paragraph 2 –subparagraph 2 In addition, ESMA
Amendment 93 #
Proposal for a regulation – amending act Article 1 – point 14 Regulation (EC) No 1060/2009 Article 24 – paragraph 2 a (new) 2a. The European Supervisory Authority (European Securities and Markets Authority) shall inform the European Supervisory Authority (European Banking Authority) and the European Supervisory Authority (European Insurance and Occupational Pensions Authority) before taking the decisions referred to in points (a), (b) and (c) of paragraph 1 which fall within their remit.
Amendment 94 #
Proposal for a regulation – amending act Article 1 – point 14 Regulation (EC) No 1060/2009 Article 24 – paragraph 3 – subparagraph 1 - point b (b)
Amendment 95 #
Proposal for a regulation – amending act Article 1 – point 14 Regulation (EC) No 1060/2009 Article 24 – paragraph 4 4. Without prejudice to Article 20,
Amendment 96 #
Proposal for a regulation – amending act Article 1 – point 14 Regulation (EC) No 1060/2009 Article 24 – paragraph 4 4. Without prejudice to Article 20,
Amendment 97 #
Proposal for a regulation – amending act Article 1 – point 14 Regulation (EC) No 1060/2009 Article 24 – paragraph 4 – subparagraph 1 a (new) Unless the credit rating agency files an appeal, the European Supervisory Authority (European Securities and Markets Authority) shall publicly disclose any such decision on its website within one month of the date on which the decision was notified.
Amendment 98 #
Proposal for a regulation – amending act Article 1 – point 14 Regulation (EC) No 1060/2009 Article 24 – paragraph 4 – subparagraph 1 b (new) Where the credit rating agency files an appeal, such publication shall be delayed until the date on which the Board of Appeal decides the appeal.
Amendment 99 #
Proposal for a regulation – amending act Article 1 – point 14 Regulation (EC) No 1060/2009 Article 24 – paragraph 4 – subparagraph 1 c (new) The European Supervisory Authority (European Securities and Markets Authority), in consultation with the European Systemic Risk Board, the European Supervisory Authority (European Banking Authority) and the European Supervisory Authority (European Insurance and Occupational Pensions Authority), shall delay such a publication where such delay is necessary to safeguard market integrity.
source: PE-450.763
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