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.