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.

Article 11 Initial reporting

  1. (1)

    Credit rating agencies registered or certified on or before IP completion day shall prepare a first report to be reported to the FCA on IP completion day or on such later day as notified by the FCA, that shall contain information on all credit ratings and rating outlooks referred to in Articles 8 and 9, and that have been issued and not withdrawn IP completion day;

  2. (3)

    Credit rating agencies registered or certified after IP completion day shall comply with this Regulation within three months after the date of registration or certification. In their first report, they shall report, in accordance with Articles 8 and 9, all the credit ratings and rating outlooks that were issued from the date of registration or certification.

  3. (4)

    In addition to the first report referred to in paragraphs 2 and 3, a credit rating agency that is certified after IP completion day shall also report, pursuant to Article 11(2) of Regulation (EC) No 1060/2009 and point 1 of Part II of Section E of Annex I to that Regulation, its historical performance data relating to at least 10 years before the date of certification or, where it started its rating activity less than 10 years before the date of certification, relating to the period since it started its rating activity. Certified credit rating agencies shall not be required to report those data, partially or totally, where they can demonstrate that this would not be proportionate in view of their scale and complexity.