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Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (Text with EEA relevance) article 8c CELEX: 02009R1060-20250117 Double credit rating of securitisation instruments ◄
1. Where an issuer or a related third party intends to solicit a credit rating of a securitisation instrument ◄ , it shall appoint at least two credit rating agencies to provide credit ratings independently of each other. 2. The issuer or a related third party as referred to in paragraph 1 shall ensure that the appointed credit rating agencies comply with the following conditions: (a) they do not belong to the same group of credit rating agencies; (b) they are not a shareholder or a member of any of the other credit rating agencies; (c) they do not have the right or the power to exercise voting rights in any of the other credit rating agencies; (d) they do not have the right or the power to appoint or remove members of the administrative or supervisory board of any of the other credit rating agencies; (e) none of the members of their administrative or supervisory boards are a member of the administrative or supervisory boards of any of the other credit rating agencies; (f) they do not exercise, or have the power to exercise, control or a dominant influence over any of the other credit rating agencies. |