Article 26 Information for application for certification

A credit rating agency shall provide the FCA with the following information:

1. (a)

   the general information requested in points 1 to 10 of Annex II;

2. (b)

   the information regarding its owners referred to in Article 8;

3. (c)

   the organisational chart referred to in Article 10;

4. (d)

   details on the arrangements in place to prevent, disclose and mitigate any existing or potential conflicts of interest between the rating business and ancillary services;

5. (e)

   the information referred to in Article 13 regarding the credit rating agency’s financial resources.

A credit rating agency shall provide the FCA with the following information regarding its business activities:

1. (a)

   for the preceding three years, the number of employees contracted and involved in the rating and ancillary services both permanent and temporary;

2. (b)

   if the applicant has a branch, the number of employees involved in the rating and ancillary business in each branch;

3. (c)

   the number of rating analysts contracted to the applicant including, if the credit rating agency has a branch, the number of rating analysts contracted in each branch;

4. (d)

   if a credit rating agency is planning to establish a new branch, a description of the type of business activities the new branch is expected to conduct, its full name and address and the timeframe for its establishment;

5. (e)

   if a credit rating agency is planning to conduct any new ancillary services, a description of the new services and the timeframe for their commencement;

6. (f)

   the revenue generated over the past three years by the credit rating agency from rating and ancillary services as a proportion of total revenue, presented on a financial year basis;

7. (g)

   if the credit rating agency has one or more branches, the revenue generated over the past three years by each branch as a proportion of total revenue, presented on a financial year basis.

A credit rating agency shall also provide the FCA with the following information regarding the credit ratings it issues or proposes to issue:

1. (a)

   the class of credit ratings;

2. (b)

   the rating nomenclatures used for each class of credit rating;

3. (c)

   the definition of any rating action and statuses used by the credit rating agency;

4. (d)

   details of whether the credit rating agency produces solicited or unsolicited ratings or both;

5. (e)

   for each class of credit rating, the number of years of experience it has in producing these ratings;

6. (f)

   for each class of credit rating, the current or expected proportion of public ratings and private ratings.