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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

You are viewing the version of the document as on 2021-01-01.

Status: In this content, we have included all amendments made by EU exit-related instruments up to end September 2020. There will be more amendments to be made later this year, further to the September QCP.

ANNEX II Table 1 Data to be reported to the FCA for each individual credit rating assigned under the issuer-pays model Table 2 Data to be provided to the FCA for fees received on a per client basis for rating services and ancillary services

Table 1 Data to be reported to the FCA for each individual credit rating assigned under the issuer-pays model

No.

Field name

Description

Type

Standard

1

CRA identifier

Code used to identify the reporting credit rating agency. It is provided by the FCA upon registration.

Mandatory.

2

Reporting year

The calendar year to which the reporting period refers.

Mandatory.

Format: YYYY

3

Rating identifier

Unique identifier of the rating. It shall be maintained unchanged over time and correspond to identifier reported under Delegated Regulation (EU) 2015/2.

Mandatory.

4

Contract rating start date

Date of the initial contract for the rating service. Typically would correspond to the date on which the fees for the credit rating service are set.

Mandatory.

ISO 8601 extended date time format: YYYY-MM-DD

5

Fee schedule used

Unique identifier of the fee schedule under which the fees were set. This fee schedule identifier must correspond to the identifier(s) set out under Table 2 of Annex I. Where no fee schedule has been used to set the price, then the pricing policy identifier must be used. This pricing policy identifier must correspond to the identifier(s) set out under Table 1 of Annex I.

If neither a pricing policy or fee schedule has been applied then "N" should be used.

Mandatory.

Fee schedule in format "FS_[internal fee schedule identifier]" or pricing policy identifier in format "PP_[internal pricing policy identifier]"

"N" Non-applied

6

Person(s) responsible for pricing

Internal identifier assigned by the CRA to the person(s) responsible for setting the fees relating to the rating, either by applying the applicable fee schedule and/or fee programme or the person approving exceptions or discounts to the fee schedule and/or fee programme.

Mandatory.

The internal identifier of the person responsible

7

Client Identifier

Unique code assigned by the CRA to identify the Client. Typically this should correspond to the issuer of the instrument or entity, however in no cases shall it be an SPV. For Structured Finance instruments the unique code should identify the originator or other entity that from an economic point of view (e.g. arranger), directly or indirectly via an SPV or SIV, effectively negotiates the fees with the credit rating agency. This shall correspond to one Client Identifier identified in Table 2 of Annex II.

Mandatory.

8

Indication of whether the individual rating benefited from fee exemption or reduction

Certain credit ratings might not pay an individual direct fee/or might benefit from a reduction as the Client might have paid for a set of ratings, an annual (or other set period) nominal issuance amount, flat fee or be part of a "package" of ratings ("Group Fee"). This field identifies whether the individual rating is covered by such an arrangement with the Client.

Mandatory.

  • "C" — covered by Group Fee arrangement,
  • "N" not covered by Group Fee arrangement.

9

Total amount of fees charged

Identifies the total amount of fees billed for the rating during the prior calendar reporting year. Where no fee was paid for the individual credit rating the amount should be 0 for all but one of the ratings benefitting from the Group Fee.

Mandatory.

Amount in GBP

10

Amount of initial fees paid

Identifies the amount of up-front/initial fees billed during the prior calendar reporting year.

Mandatory.

Amount in GBP

11

Surveillance fees paid

Identifies the annual surveillance/monitoring fees billed in prior calendar year.

Mandatory.

Amount in GBP

12

Other fees charged for rating service

Identifies total of other fees or compensation billed in prior calendar year.

If applicable.

Amount in GBP

13

Description of other fees

Indication of whether the fees billed included any consideration or fees for a rapid turnaround request by the Client for the rating service.

Mandatory.

Applicable if "Other fees charged" was filled in response to field "Other fees charged for rating service" (field 12).

  • "Y" — where rapidity fee applied,
  • "N" — where no rapidity fee applied.

14

Negotiation links with other ratings

Identifies whether the rating fee negotiations was linked to other existing ratings of the Client and that led to variations in the final fees applied and paid for by the Client. This would include credit rating services provided in relation to vehicles set up to facilitate issuance, such as an MTN programme.

Mandatory.

  • "Y" for Yes,
  • "N" for No.

15

Identification of the linked rating(s)

Unique identifier of the rating(s) linked to the rating being reported (e.g., in the case of structured finance a master trust structure and its series)

Mandatory.

Applicable if "Y" was filled in response to field 14.

16

Fee programme

Indication of whether the Client benefits in lower individual fees from a frequency or other fee programme.

Mandatory.

  • "Y" for Yes,
  • "N" for No.

17

Identification of fee programme

Identification of the fee programme under which the rating is priced. Should identify the fee programme which must match with the identifier set out in the applicable fee programme set out under Table 3 of Annex I.

Mandatory if "Y" was reported in field 16.

Table 2 Data to be provided to the FCA for fees received on a per client basis for rating services and ancillary services

No.

Field name

Description

Type

Standard

1

CRA identifier

Code used to identify the reporting credit rating agency. It is provided by the FCA upon registration.

Mandatory.

2

Client identifier

Unique code assigned by the CRA to identify the Client. Clients may be issuers, rated entities and/or originators, and/or include entities that from an economic point of view, directly or indirectly via an SPV or SIV, negotiates the fees with the credit rating agency in the context of credit rating arrangements. For clarification purposes it should be noted that in no instances shall a Client be an SPV or SIV. The Client shall retain the same unique identifier in all these cases.

Mandatory.

3

Legal entities

List of legal entities that are included in the Client Identifier field.

Mandatory.

List of names of legal entities

4

Total overall fees billed

Total fees billed from the Client in the prior calendar year for issuer-pays rating services.

Mandatory.

Amount in GBP

5

Client ratings

Identifies how many credit ratings the Client has with the credit rating agency at 31 December of the prior calendar year.

Mandatory.

Number of ratings

6

Total fees for programmes

Total fees billed from the Client in the prior calendar year for rating services not derived from an individual rating but from a frequency issuance, relationship or other type of flat fee programme and excess issuance fees, which may cover one or more ratings.

Mandatory.

Amount in GBP

7

Identification of ratings

Identification of ratings issued under or covered by fees programmes in the prior calendar year.

Mandatory.

List of ratings identifier

8

Fees received for ancillary services

Total fees billed by the CRA group of companies from the Client for ancillary services in the previous calendar year.

Mandatory.

Amount in GBP

9

Main ancillary services

Identification of the three main services provided by the CRA group to the Client in the prior calendar year, in revenue terms.

Mandatory. If more than 0 answered to field 8 "fees received for ancillary services".

List of ancillary services

10

Ranking of ancillary services

Ranking of the ancillary services for the top three main services identified in field 9 "main ancillary services", in revenue terms.

Mandatory. If more than 0 answered to field 8 "fees received for ancillary services"

Ranking of ancillary services

11

Other services

Indication of whether account was taken for the setting of fees for the credit rating services provided to the Client of any services provided by any entities belonging to the credit rating agency’s group within the meaning of Article 22(1)-(5) of Directive 2013/34/EU as well as any entity linked to the credit rating agency or other company of the credit rating agency’s group by a relationship within the meaning of Article 22(7) of Directive 2013/34/EU.

Mandatory.

  • "Y" for Yes,
  • "N" for No.