client — an entity, its subsidiaries, and associated entities in which the entity has holdings of more than 20 %, as well as any other entities in respect of which it has negotiated the structuring of a debt issue on behalf of a client and where a fee was paid, directly or indirectly, to the credit rating agency for the rating of that debt issue. A credit rating agency shall make available annually the following information: 1. detailed information on legal structure and ownership of the credit rating agency, including information on holdings within the meaning of Articles 9 and 10 of Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market OJ L 390, 31.12.2004, p. 38. ; 2. a description of the internal control mechanisms ensuring quality of its credit rating activities; 3. statistics on the allocation of its staff to new credit ratings, credit rating reviews, methodology or model appraisal and senior management; 4. a description of its record-keeping policy; 5. the outcome of the annual internal review of… ANNEX I

control — the relationship between a parent undertaking and a subsidiary, as described in Article 1 of Council Directive 83/349/EEC of 13 June 1983 on consolidated accounts OJ L 193, 18.7.1983, p. 1. , or a close link between any natural or legal person and an undertaking (j)

credit rating — an opinion regarding the creditworthiness of an entity, a debt or financial obligation, debt security, preferred share or other financial instrument, or of an issuer of such a debt or financial obligation, debt security, preferred share or other financial instrument, issued using an established and defined ranking system of rating categories (a)

credit rating activities — data and information analysis and the evaluation, approval, issuing and review of credit ratings (o)

credit rating agency — a legal person whose occupation includes the issuing of credit ratings on a professional basis (b)

financial instrument — any of the instruments listed in Section C of Annex I to Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments OJ L 145, 30.4.2004, p. 1. (k)

group of credit rating agencies — a group of undertakings established in the Community consisting of a parent undertaking and its subsidiaries within the meaning of Articles 1 and 2 of Directive 83/349/EEC as well as undertakings linked to each other by a relationship within the meaning of Article 12(1) of Directive 83/349/EEC and whose occupation includes the issuing of credit ratings. For the purposes of Article 4(3)(a), a group of credit rating agencies shall also include credit rating agencies established in third countries (m)

home Member State — the Member State in which the credit rating agency has its registered office (c)

lead rating analyst — a person with primary responsibility for elaborating a credit rating or for communicating with the issuer with respect to a particular credit rating or, generally, with respect to the credit rating of a financial instrument issued by that issuer and, where relevant, for preparing recommendations to the rating committee in relation to such rating (e)

rated entity — a legal person whose creditworthiness is explicitly or implicitly rated in the credit rating, whether or not it has solicited that credit rating and whether or not it has provided information for that credit rating (f)

rating analyst — a person who performs analytical functions that are necessary for the issuing of a credit rating (d)

rating category — a rating symbol, such as a letter or numerical symbol which might be accompanied by appending identifying characters, used in a credit rating to provide a relative measure of risk to distinguish the different risk characteristics of the types of rated entities, issuers and financial instruments or other assets (h)

regulatory purposes — the use of credit ratings for the specific purpose of complying with Community law, as implemented by the national legislation of the Member States (g)

related third party — the originator, arranger, sponsor, servicer or any other party that interacts with a credit rating agency on behalf of a rated entity, including any person directly or indirectly linked to that rated entity by control (i)

senior management — the person or persons who effectively direct the business of the credit rating agency and the member or members of its administrative or supervisory board (n)

structured finance instrument — a financial instrument or other assets resulting from a securitisation transaction or scheme referred to in Article 4(36) of Directive 2006/48/EC (l)