L.S. 345.15 Regolamenti dwar Financial Markets Act (Credit Rating Agencies)

(1)The title of these regulations is the Financial Markets Act (Credit Rating Agencies) Regulations. Citation and scope.

(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. 2.

(1)In these regulations, unless the context otherwise requires "the Act" means the Financial Markets Act; Interpretation. Cap. 345. "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. 3. 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. 4.

(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. Competent authority. Cap. 330. Applicability of the EU Regulations to the competent authority.

(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. 5. 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 Rules. 2 [ S.L.345.15 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: (

1. a)the operation regulations; of the EU Regulation or these (
2. b)any matter relating to the functions, obligations and powers of the competent authority under the EU Regulation; and (
3. c)any other matter arising in connection with the EU Regulation or these regulations. Applicability of the EU Regulations to credit rating agencies. Confidentiality. 6. 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. 7. The provisions of article 38 of the Act shall apply mutatis mutandis to credit rating agencies.