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SECTION 1 General

Article 2 Format of the application

  1. (1)

    An application for registration shall be provided in an instrument which stores information in a way accessible for future reference and which allows the unchanged reproduction of the information stored.

  2. (2)

    A credit rating agency shall give a unique reference number to each document it submits. It shall ensure that the information it submits clearly identifies to which specific requirement of this Regulation it refers and in which document that information is provided. The credit rating agency shall submit the table set out in Annex I as part of its application to clearly identify the document in which information required under this Regulation is provided.

  3. (3)

    If a requirement of this Regulation does not apply to a credit rating agency’s application, it shall state this in the table set out in Annex I and provide an explanation.

  4. (4)

    Where a group of credit rating agencies applies for registration, the application shall clearly identify each credit rating agency to which the information applies. When the same information applies to more than one credit rating agency within the group of credit rating agencies, for the purpose of filling in the table of Annex I, the same reference number shall be given for the common information.

Article 3 Attestation of the accuracy and completeness of the application

Any information submitted to the FCA during the registration or certification process shall be accompanied by a letter signed by a member of the credit rating agency’s senior management or a representative authorised by the senior management, attesting that the submitted information is accurate and complete to the best of their knowledge, as of the date of that submission.

Article 4 Number of employees

Any information regarding the number of employees shall be provided on a full time equivalent basis calculated as the total hours worked divided by the maximum number of hours subject to compensation within a working year as defined by UK law.

Article 5 Class of credit ratings

Any information regarding the class of credit ratings shall use the following ratings classes:

  1. (a)

    sovereign and public finance ratings;

  2. (b)

    structured finance ratings;

  3. (c)

    corporate ratings:

    1. (i)

      financial institution including credit institutions and investment firms;

    2. (ii)

      insurance undertaking;

    3. (iii)

      corporate issuer that is not considered a financial institution or an insurance undertaking.

Article 6 Policies and procedures

  1. (1)

    Policies and procedures provided in an application shall contain or be accompanied by:

    1. (a)

      an indication of who is responsible for the approval and maintenance of the policies and procedures;

    2. (b)

      a description of how compliance with the policies and procedures will be enforced and monitored and who is responsible for this;

    3. (c)

      a description of the measures undertaken in the event of a breach of the policies;

    4. (d)

      an indication of the procedure for reporting to the FCA a material breach of the policy or procedure which may result in a breach of the conditions for initial registration or certification.

  2. (2)

    A credit rating agency may fulfil the obligation to provide information regarding its policies and procedures under this Regulation by submitting a copy of the relevant policies and procedures.

Article 7 Identification, legal status and class of credit ratings

A credit rating agency shall provide the FCA with:

  1. (a)

    the information listed in Annex II to this Regulation;

  2. (b)

    an excerpt from the relevant commercial or court register, or other form of evidence of the place of incorporation and scope of business activity of the credit rating agency, as of the application date.