Section E

A credit rating agency shall generally disclose the fact that it is registered in accordance with this Regulation and the following information: 1. any actual and potential conflicts of interest referred to in point 1 of Section B; 2. a list of its ancillary services; 3. the policy of the credit rating agency concerning the publication of credit ratings and other related communications; 4. the general nature of its compensation arrangements; 5. the methodologies, and descriptions of models and key rating assumptions such as mathematical or correlation assumptions used in its credit rating activities as well as their material changes; 6. any material modification to its systems, resources or procedures; and 7. where relevant, its code of conduct. A credit rating agency shall periodically disclose the following information: 1. every six months, data about the historical default rates of its rating categories, distinguishing between the main geographical areas of the issuers and whether the default rates of these categories have changed over time; 2. annually, the following information: a list of the largest 20 clients of the credit rating agency by revenue generated from them; and a list of those clients of the credit rating agency whose contribution to the growth rate in the generation of revenue of the credit rating agency in the previous financial year exceeded the growth rate in the total revenues of the credit rating agency in that year by a factor of more than 1,5 times. Any such client shall be included on the list only where, in that year, it accounted for more than 0,25 % of the worldwide total revenues of the credit rating agency at global level. For the purposes of this point, ‘client’ means 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 its independent compliance function; 6. a description of its management and rating analyst rotation policy; 7. financial information on the revenue of the credit rating agency divided into fees from credit rating and non-credit-rating activities with a comprehensive description of each; and 8. a governance statement within the meaning of Article 46a(1) of Council Directive 78/660/EEC of 25 July 1978 on the annual accounts of certain types of companies OJ L 222, 14.8.1978, p. 11. . For the purposes of that statement, the information referred to in Article 46a(1)(d) of that Directive shall be provided by the credit rating agency irrespective of whether it is subject to Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids OJ L 142, 30.4.2004, p. 12. .

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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.