FINANCIAL MARKETS ACT (CREDIT RATING AGENCIES) REGULATIONS (creditratingagencies)

FINANCIAL MARKETS ACT (CREDIT RATING AGENCIES)

SUBSIDIARY LEGISLATION 345.15

FINANCIAL MARKETS ACT

(CREDIT RATING AGENCIES) REGULATIONS

30th December, 2014

LEGAL NOTICE 479 of 2014.

(1) The title of these regulations is the Financial Markets

Act (Credit Rating Agencies) Regulations.

(2) The purpose of these regulations is to implement the

relevant provisions of the EU Regulation on credit rating agencies

as herein defined, and they shall be interpreted and applied

accordingly.

(1) In these regulations, unless the context otherwise

requires -

"the Act" means the Financial Markets Act;

"EU Regulation" means Regulation (EC) No 1060/2009 of the

European Parliament and of the Council of the 16 September 2009

on credit rating agencies, as amended from time to time, and words

and expressions used in these regulations shall have the same

meaning as is given to them in the said EU Regulation unless

otherwise defined herein.

(2) Words and expressions used in these regulations shall have

the sa me m eaning as is assigned to the m i n the Act unless

otherwise defined herein.

The Malta Financial Services Authority established by the

Malta Financial Services Authority Act shall be the designated

competent authority in Malta for the purposes of implementing the

relevant provisions of the EU Regulation, and any reference in

these regulations to the competent authority shall be deemed and

construed accordingly.

(1) The competent authority shall exercise all the

f un c t i on s , ob l i g a t i o n s an d p o w e r s a nd s h a l l s a t i s f y al l t h e

r e q u i r e m e n t s i m p o s e d o n c o m p e t e n t a u t h o r i t i e s b y t h e EU

Regulation.

(2) Without prejudice to sub-regulation (1), the competent

authority may, for the better implementation of the EU Regulation,

exercise any of the powers assigned to it under the Act in relation

to credit rati ng agen cies, p ersons i nvol ved in credi t rating

activities, rated entities and related third parties, third parties to

whom the credit rating agencies have outsourced certain functions

or activities, and persons otherwise related or connected to credit

rating agencies or credit rating activities.

For the better carrying out of the provisions of the EU

Regulation or these regulations, the competent authority may, from

time to time, issue and publish Financial Market Rules which shall

FINANCIAL MARKETS ACT (CREDIT RATING AGENCIES)

be binding on all credit rating agencies and others as may be

specified therein and as the competent authority may consider

appropriate including

(a) the operation

of

the

EU

Regulation

or

these

regulations;

(b) any matter relating to the functions, obligations and

powers of the competent authority under the EU

Regulation; and

(c) any other matter arising in connection with the EU

Regulation or these regulations.

The provisions of the EU Regulation shall apply to credit

rating agencies based in or operating from Malta and such credit

rating agencies shall exercise all the obligations and satisfy all the

requirements imposed on credit rating agencies by the said EU

Regulation.

The provisions of article 38 of the Act shall apply mutatis

mutandis to credit rating agencies.