anx_I__cpt_2__cpt_3

3. A credit rating agency shall not issue a credit rating in any of the following circumstances, or shall, in the case of an existing credit rating, immediately disclose where the credit rating is potentially affected by the following: the credit rating agency or persons referred to in point 1, directly or indirectly owns financial instruments of the rated entity or a related third party or has any other direct or indirect ownership interest in that entity or party, other than holdings in diversified collective investment schemes, including managed funds such as pension funds or life insurance; the credit rating is issued with respect to the rated entity or a related third party directly or indirectly linked to the credit rating agency by control; a person referred to in point 1 is a member of the administrative or supervisory board of the rated entity or a related third party; or a rating analyst who participated in determining a credit rating, or a person who approved a credit rating, has had a relationship with the rated entity or a related third party which may cause a conflict of interests. A credit rating agency shall also immediately assess whether there are grounds for re-rating or withdrawing the existing credit rating.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-27 · Text as adopted (Official Journal); later amendments are not incorporated in this text.