• Chapter 13 Chapter 13 Operating a Credit Rating Agency

    • The activity

      • 65. Operating a Credit Rating Agency

        (1) Operating a Credit Rating Agency means undertaking one or more Credit Rating Activities for the purpose of producing a Credit Rating with a view to that Credit Rating being —
        (a) disseminated to the public; or
        (b) distributed to a person by subscription;
        whether or not it is in fact disseminated or distributed.
        (2) For the purposes of sub-paragraph (1) —
        (a) Credit Rating Activities are data and information analysis relating to a Credit Rating or the evaluation, approval, issue or review of a Credit Rating; and
        (b) a Credit Rating is an opinion expressed using an established and defined ranking system of rating categories regarding the creditworthiness of a Rating Subject.
        (3) In sub-paragraph (2), a Rating Subject means —
        (a) a person other than a natural person;
        (b) a credit commitment; or
        (c) a debt or debt-like Specified Investment.

    • Exclusions

      • 66. Preparing credit scores etc.

        A person does not Operate a Credit Rating Agency where that person prepares any credit scores, credit scoring systems or similar assessments relating to obligations arising from consumer, commercial or industrial relationships.