# Instrument Metadata
# Output tuned for LLM consumption -- deterministic parse of the
# EUR-Lex source, no LLM involved in generation.

instrument_id: cra
celex: "32009R1060"
eli: "http://data.europa.eu/eli/reg/2009/1060/oj"
full_title: Credit Rating Agencies Regulation (EC) 1060/2009
short_title: CRA
instrument_type: regulation
document_type: regulation
normative_weight: binding
jurisdiction: EU
effective_period:
  from: "2009-12-07"
  to: null
dates:
  adopted: "2009-09-16"
  entered_into_force: "2009-12-07"
status: in_force
legal_status: in_force
structure_levels:
  - title
  - chapter
  - article
total_articles: 67
total_recitals: 0
total_annexes: 4
definitions_article: 3
chunk_strategy: by_chapter
chunks:
  - /cra/chunks/cra_t01_subject_matter_scope_and_definitions.md
  - /cra/chunks/cra_t02_issuing_of_credit_ratings.md
  - /cra/chunks/cra_t03_ch01_registration_procedure.md
  - /cra/chunks/cra_t03_ch02_supervision_by_esma.md
  - /cra/chunks/cra_t03_ch03_cooperation_between_esma_competent_autho.md
  - /cra/chunks/cra_t03_ch04_cooperation_with_third_countries.md
  - /cra/chunks/cra_t03_civil_liability_of_credit_rating_agencie.md
  - /cra/chunks/cra_t04_ch01_penalties_fines_periodic_penalty_payment.md
  - /cra/chunks/cra_t04_ch02_transitional_and_final_provisions.md
  - /cra/chunks/annexes.md
key_dates:
  - date: "1958-04-15"
    type: citation
    article: "15"
    context: "…languages of the institutions of the Union. The provisions of Regulation No 1 of 15 April 1958 determining the languages to be used…"
  - date: "1983-06-13"
    type: citation
    article: "3"
    context: "…and a subsidiary, as described in Article 1 of Council Directive 83/349/EEC of 13 June 1983 on consolidated accounts (1), or a…"
  - date: "2000-12-18"
    type: citation
    article: "34"
    context: "…shall apply Regulation (EC) No 45/2001 of the European Parliament and of the Council of 18 December 2000 on the protection of individuals with…"
  - date: "2004-04-21"
    type: citation
    article: "3"
    context: "…C of Annex I to Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments…"
  - date: "2005-10-26"
    type: citation
    article: "3"
    context: "…of Article 3 of Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the…"
  - date: "2009-07-13"
    type: citation
    article: "3"
    context: "…2(1)(b) of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws,…"
  - date: "2009-09-16"
    type: lifecycle
    context: "Adopted"
  - date: "2009-11-25"
    type: citation
    article: "3"
    context: "…of Article 13 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the…"
  - date: "2009-12-07"
    type: lifecycle
    context: "Entered into force"
  - date: "2010-06-07"
    type: deadline
    article: "22"
    context: "1. By 7 June 2010, each Member State shall designate a…"
  - date: "2010-06-07"
    type: deadline
    article: "40"
    context: "Credit rating agencies operating in the Community before 7 June 2010 (existing credit rating agencies),…"
  - date: "2010-09-07"
    type: deadline
    article: "40"
    context: "…this Regulation, shall adopt all necessary measures to comply with its provisions by 7 September 2010. Credit rating agencies shall submit…"
  - date: "2010-09-07"
    type: deadline
    article: "40a"
    context: "…by the competent authorities of the home Member State or the relevant college by 7 September 2010 shall not be transferred to ESMA, and…"
  - date: "2010-11-24"
    type: citation
    article: "5b"
    context: "…by Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential…"
  - date: "2010-12-07"
    type: application
    article: "41"
    context: "…shall apply from its date of entry into force. However: — Article 4(1) shall apply from 7 December 2010 and — points (f), (g) and (h) of…"
  - date: "2010-12-07"
    type: deadline
    article: "36"
    context: "…the financial markets or cause disproportionate damage to the parties involved. By 7 December 2010 the Member States shall notify the…"
  - date: "2011-06-07"
    type: application
    article: "41"
    context: "…from 7 December 2010 and — points (f), (g) and (h) of Article 4(3) shall apply from 7 June 2011."
  - date: "2011-06-07"
    type: deadline
    article: "21"
    context: "…on the application of the endorsement regime under Article 4(3) of this Regulation by 7 June 2011. 4. ESMA shall develop draft…"
  - date: "2011-06-08"
    type: citation
    article: "3"
    context: "…4(1)(b) of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund…"
  - date: "2011-07-01"
    type: deadline
    article: "40a"
    context: "…copies thereof, shall be transferred to ESMA as soon as possible and in any event by 1 July 2011. Those competent authorities and…"
  - date: "2012-07-04"
    type: citation
    article: "3"
    context: "…2 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central…"
  - date: "2013-06-20"
    type: deadline
    article: "6b"
    context: "…enters into a contract for the issuing of credit ratings on re-securitisations before 20 June 2013, the period referred to in paragraph…"
  - date: "2013-12-31"
    type: review
    article: "39b"
    context: "…credit rating foundation for all other credit ratings. 3. The Commission shall, by 31 December 2013, submit a report to the European…"
  - date: "2013-12-31"
    type: review
    article: "5b"
    context: "…subparagraph of Article 4(1) or other financial market participants. Accordingly, by 31 December 2013, EBA, EIOPA and ESMA shall review and…"
  - date: "2014-06-21"
    type: deadline
    article: "21"
    context: "…ESMA. ESMA shall submit those draft regulatory technical standards to the Commission by 21 June 2014. Power is delegated to the Commission…"
  - date: "2014-06-21"
    type: review
    article: "39a"
    context: "By 21 June 2014, ESMA shall assess its staffing and…"
  - date: "2014-07-01"
    type: deadline
    article: "40a"
    context: "…1 of this Article shall remain valid after the transfer of competences to ESMA. 6. By 1 July 2014 and within the scope of its ongoing…"
  - date: "2014-12-31"
    type: review
    article: "39b"
    context: "…2. Taking into consideration the situation of the market, the Commission shall, by 31 December 2014, submit a report to the European…"
  - date: "2015-06-21"
    type: review
    article: "21"
    context: "…submitted in accordance with Article 11a(1) and submit that report to the Commission by 21 June 2015. The report shall, in particular,…"
  - date: "2015-12-31"
    type: review
    article: "39b"
    context: "1. By 31 December 2015, the Commission shall submit a report…"
  - date: "2016-01-01"
    type: review
    article: "39"
    context: "…situation in the credit rating market. Following that review, the Commission shall, by 1 January 2016, submit a report to the European…"
  - date: "2016-07-01"
    type: review
    article: "39"
    context: "…rating market for re-securitisations. Following that review, the Commission shall, by 1 July 2016, submit a report to the European…"
  - date: "2016-12-31"
    type: review
    article: "39b"
    context: "…to in the first subparagraph and the situation of the market, the Commission shall, by 31 December 2016, submit a report to the European…"
  - date: "2020-01-01"
    type: deadline
    article: "5c"
    context: "…to deleting all references to credit ratings in Union law for regulatory purposes by 1 January 2020, provided that appropriate…"
  - date: "2020-01-01"
    type: review
    article: "39b"
    context: "…to deleting all references to credit ratings in Union law for regulatory purposes by 1 January 2020, subject to appropriate alternatives…"

generated_at: "2026-09-08T12:36:52.669Z"

articles:
  - article_number: 1
    article_title: Subject matter
    chunk_file: /cra/chunks/cra_t01_subject_matter_scope_and_definitions.md
    path: "Title I > Article 1"
    applies_to_entities:
      - consumers
    topics:
      - credit_rating
      - scope
      - general_provisions
      - definitions
      - securitisation
      - conflicts_of_interest
    keywords:
      - consumer
      - credit rating
      - securitisation instrument
      - credit rating activities
      - issuer
    contains:
      obligations: false
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 2
    article_title: Scope
    chunk_file: /cra/chunks/cra_t01_subject_matter_scope_and_definitions.md
    path: "Title I > Article 2"
    applies_to_entities:
      - credit_institutions
      - member_states
      - european_commission
      - consumers
    topics:
      - credit_rating
      - scope
      - general_provisions
      - definitions
    keywords:
      - consumer
      - system
      - ITS
      - credit rating
      - rated entity
      - financial instrument
      - credit rating activities
      - credit score
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 38
        paragraph: "3"
    external_references: []
    recitals: []

  - article_number: 3
    article_title: Definitions
    chunk_file: /cra/chunks/cra_t01_subject_matter_scope_and_definitions.md
    path: "Title I > Article 3"
    applies_to_entities:
      - credit_institutions
      - member_states
      - competent_authorities
      - financial_entities
    topics:
      - credit_rating
      - scope
      - general_provisions
      - definitions
      - authorisation
      - counterparty_credit_risk
      - securitisation
      - insurance
      - reinsurance
      - pensions
      - aml
      - investment_funds
      - prospectus
      - trading_venues
      - derivatives_clearing
    keywords:
      - supervision
      - transaction
      - transfer
      - POS
      - security
      - data
      - third party
      - system
      - scheme
      - ITS
      - credit rating
      - credit rating agency
      - home member state
      - rating analyst
      - lead rating analyst
      - rated entity
      - regulatory purposes
      - rating category
      - related third party
      - control
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: true
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 4
        paragraph: "3"
      - target: Article 22
    external_references:
      - instrument_type: regulation
        reference: "2017/2402"
      - instrument_type: directive
        reference: "2009/138/EC"
      - instrument_type: directive
        reference: "2009/65/EC"
      - instrument_type: directive
        reference: "2009/65/EC"
      - instrument_type: directive
        reference: "2009/65/EC"
      - instrument_type: directive
        reference: "2011/61/EU"
      - instrument_type: directive
        reference: "2011/61/EU"
      - instrument_type: regulation
        reference: "648/2012"
      - instrument_type: directive
        reference: "2005/60/EC"
    recitals: []

  - article_number: 4
    article_title: Use of credit ratings
    chunk_file: /cra/chunks/cra_t01_subject_matter_scope_and_definitions.md
    path: "Title I > Article 4"
    applies_to_entities:
      - credit_institutions
      - competent_authorities
      - european_commission
    topics:
      - credit_rating
      - scope
      - general_provisions
      - definitions
      - authorisation
      - insurance
      - reinsurance
      - pensions
      - investment_funds
      - prospectus
      - trading_venues
    keywords:
      - supervision
      - POS
      - credit rating
      - credit rating agency
      - regulatory purposes
      - credit rating activities
      - competent authorities
      - credit institution
      - investment firm
      - insurance undertaking
      - reinsurance undertaking
      - alternative investment fund manager
      - prospectus
      - issuer
      - regulated market
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: true
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 10
      - target: Article 6
      - target: Article 7
      - target: Article 8
      - target: Article 9
      - target: Article 11
      - target: Article 12
      - target: Article 6a
      - target: Article 6b
      - target: Article 8a
      - target: Article 5
        paragraph: "6"
      - target: Article 5
        paragraph: "7"
    external_references:
      - instrument_type: regulation
        reference: "1095/2010"
    recitals: []

  - article_number: 5
    article_title: Equivalence and certification based on equivalence
    chunk_file: /cra/chunks/cra_t01_subject_matter_scope_and_definitions.md
    path: "Title I > Article 5"
    applies_to_entities:
      - member_states
      - competent_authorities
      - european_commission
    topics:
      - credit_rating
      - scope
      - general_provisions
      - definitions
      - authorisation
    keywords:
      - SCA
      - authorisation
      - supervision
      - system
      - ITS
      - credit rating
      - credit rating agency
      - financial instrument
      - credit rating activities
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: true
      penalties: false
      delegated_powers: true
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 4
        paragraph: "1"
      - target: Article 4
        paragraph: "3"
      - target: Article 15
      - target: Article 16
      - target: Article 18
      - target: Article 7
        paragraph: "4"
      - target: Article 38
        paragraph: "3"
      - target: Article 6
      - target: Article 7
      - target: Article 8
      - target: Article 9
      - target: Article 10
      - target: Article 11
      - target: Article 12
      - target: Article 6a
      - target: Article 6b
      - target: Article 8a
      - target: Article 38a
      - target: Article 38b
      - target: Article 38c
      - target: Article 20
      - target: Article 23b
      - target: Article 24
      - target: Article 5
        paragraph: "3"
    external_references: []
    recitals: []

  - article_number: 5a
    article_title: Over-reliance on credit ratings by financial institutions
    chunk_file: /cra/chunks/cra_t01_subject_matter_scope_and_definitions.md
    path: "Title I > Article 5a"
    applies_to_entities:
      - competent_authorities
      - financial_entities
    topics:
      - credit_rating
      - scope
      - general_provisions
      - definitions
      - credit_risk
      - risk_assessment
    keywords:
      - SCA
      - credit rating
      - financial instrument
      - competent authorities
      - sectoral legislation
      - sectoral competent authorities
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 4
        paragraph: "1"
    external_references: []
    recitals: []

  - article_number: 5b
    article_title: Reliance on credit ratings by the European Supervisory Authorities and the European Systemic Risk Board
    chunk_file: /cra/chunks/cra_t01_subject_matter_scope_and_definitions.md
    path: "Title I > Article 5b"
    applies_to_entities:
      - competent_authorities
      - european_banking_authority
    topics:
      - credit_rating
      - scope
      - general_provisions
      - definitions
    keywords:
      - system
      - ITS
      - EBA
      - guidelines
      - credit rating
      - competent authorities
      - sectoral competent authorities
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 4
        paragraph: "1"
    external_references:
      - instrument_type: regulation
        reference: "1093/2010"
      - instrument_type: regulation
        reference: "1094/2010"
    recitals: []

  - article_number: 5c
    article_title: Over-reliance on credit ratings in Union law
    chunk_file: /cra/chunks/cra_t01_subject_matter_scope_and_definitions.md
    path: "Title I > Article 5c"
    applies_to_entities:
      - competent_authorities
      - european_commission
    topics:
      - credit_rating
      - scope
      - general_provisions
      - definitions
      - credit_risk
      - risk_assessment
    keywords:
      - POS
      - ITS
      - credit rating
      - regulatory purposes
      - competent authorities
      - sectoral competent authorities
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 4
        paragraph: "1"
    external_references: []
    recitals: []

  - article_number: 6
    article_title: Independence and avoidance of conflicts of interest
    chunk_file: /cra/chunks/cra_t02_issuing_of_credit_ratings.md
    path: "Title II > Article 6"
    applies_to_entities: []
    topics:
      - credit_rating
      - financial_markets
      - conflicts_of_interest
      - internal_control
    keywords:
      - SCA
      - POS
      - ITS
      - reporting
      - credit rating
      - credit rating agency
      - rating analyst
      - control
      - group of credit rating agencies
      - rating outlook
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 7
        paragraph: "4"
    external_references: []
    recitals: []

  - article_number: 6a
    article_title: Conflicts of interest concerning investments in credit rating agencies
    chunk_file: /cra/chunks/cra_t02_issuing_of_credit_ratings.md
    path: "Title II > Article 6a"
    applies_to_entities: []
    topics:
      - credit_rating
      - financial_markets
      - investment_funds
      - conflicts_of_interest
    keywords:
      - API
      - POS
      - scheme
      - credit rating
      - credit rating agency
      - control
      - group of credit rating agencies
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 6b
    article_title: Maximum duration of the contractual relationship with a credit rating agency
    chunk_file: /cra/chunks/cra_t02_issuing_of_credit_ratings.md
    path: "Title II > Article 6b"
    applies_to_entities: []
    topics:
      - credit_rating
      - financial_markets
      - securitisation
    keywords:
      - credit rating
      - credit rating agency
      - group of credit rating agencies
      - credit rating activities
      - issuer
      - originator
      - re-securitisation
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 7
    article_title: "Rating analysts, employees and other persons involved in the issuing of credit ratings"
    chunk_file: /cra/chunks/cra_t02_issuing_of_credit_ratings.md
    path: "Title II > Article 7"
    applies_to_entities: []
    topics:
      - credit_rating
      - financial_markets
    keywords:
      - POS
      - third party
      - ITS
      - credit rating
      - credit rating agency
      - rating analyst
      - rated entity
      - related third party
      - control
      - credit rating activities
      - rating outlook
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 8
    article_title: "Methodologies, models and key rating assumptions"
    chunk_file: /cra/chunks/cra_t02_issuing_of_credit_ratings.md
    path: "Title II > Article 8"
    applies_to_entities: []
    topics:
      - credit_rating
      - financial_markets
      - securitisation
    keywords:
      - POS
      - system
      - RTS
      - ITS
      - credit rating
      - credit rating agency
      - financial instrument
      - securitisation instrument
      - credit rating activities
      - sovereign rating
      - rating outlook
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: true
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 14
        paragraph: "3"
    external_references: []
    recitals: []

  - article_number: 8a
    article_title: Sovereign ratings
    chunk_file: /cra/chunks/cra_t02_issuing_of_credit_ratings.md
    path: "Title II > Article 8a"
    applies_to_entities:
      - member_states
    topics:
      - credit_rating
      - financial_markets
    keywords:
      - POS
      - access
      - consent
      - RTS
      - ITS
      - credit rating
      - credit rating agency
      - rated entity
      - sovereign rating
      - rating outlook
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 8
        paragraph: "5"
      - target: Article 8
        paragraph: "2"
      - target: Article 10
        paragraph: "1"
      - target: Article 11
        paragraph: "1"
    external_references: []
    recitals: []

  - article_number: 8c
    article_title: Double credit rating of  securitisation instruments
    chunk_file: /cra/chunks/cra_t02_issuing_of_credit_ratings.md
    path: "Title II > Article 8c"
    applies_to_entities: []
    topics:
      - credit_rating
      - financial_markets
      - securitisation
    keywords:
      - third party
      - credit rating
      - related third party
      - control
      - securitisation instrument
      - group of credit rating agencies
      - issuer
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 8d
    article_title: Use of multiple credit rating agencies
    chunk_file: /cra/chunks/cra_t02_issuing_of_credit_ratings.md
    path: "Title II > Article 8d"
    applies_to_entities: []
    topics:
      - credit_rating
      - financial_markets
    keywords:
      - POS
      - third party
      - ITS
      - credit rating
      - credit rating agency
      - related third party
      - credit rating activities
      - issuer
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: true
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 9
    article_title: Outsourcing
    chunk_file: /cra/chunks/cra_t02_issuing_of_credit_ratings.md
    path: "Title II > Article 9"
    applies_to_entities: []
    topics:
      - credit_rating
      - financial_markets
      - outsourcing
      - internal_control
    keywords:
      - outsourcing
      - credit rating
      - credit rating agency
      - control
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 10
    article_title: Disclosure and presentation of credit ratings
    chunk_file: /cra/chunks/cra_t02_issuing_of_credit_ratings.md
    path: "Title II > Article 10"
    applies_to_entities:
      - competent_authorities
    topics:
      - credit_rating
      - financial_markets
      - securitisation
    keywords:
      - POS
      - access
      - third party
      - ITS
      - credit rating
      - credit rating agency
      - rated entity
      - rating category
      - related third party
      - financial instrument
      - securitisation instrument
      - credit rating activities
      - rating outlook
      - unsolicited credit rating
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 11
    article_title: General and periodic disclosures
    chunk_file: /cra/chunks/cra_t02_issuing_of_credit_ratings.md
    path: "Title II > Article 11"
    applies_to_entities: []
    topics:
      - credit_rating
      - financial_markets
    keywords:
      - POS
      - data
      - access
      - ITS
      - credit rating
      - credit rating agency
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 11a
    article_title: European rating platform
    chunk_file: /cra/chunks/cra_t02_issuing_of_credit_ratings.md
    path: "Title II > Article 11a"
    applies_to_entities: []
    topics:
      - credit_rating
      - financial_markets
    keywords:
      - POS
      - access
      - credit rating
      - credit rating agency
      - rating outlook
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 11
        paragraph: "2"
    external_references: []
    recitals: []

  - article_number: 12
    article_title: Transparency report
    chunk_file: /cra/chunks/cra_t02_issuing_of_credit_ratings.md
    path: "Title II > Article 12"
    applies_to_entities: []
    topics:
      - credit_rating
      - financial_markets
    keywords:
      - ITS
      - credit rating
      - credit rating agency
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 13
    article_title: Public disclosure fees
    chunk_file: /cra/chunks/cra_t02_issuing_of_credit_ratings.md
    path: "Title II > Article 13"
    applies_to_entities: []
    topics:
      - credit_rating
      - financial_markets
    keywords:
      - credit rating
      - credit rating agency
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 8
      - target: Article 9
      - target: Article 10
      - target: Article 11
      - target: Article 12
    external_references: []
    recitals: []

  - article_number: 13a
    article_title: Accessibility of information on ESAP
    chunk_file: /cra/chunks/cra_t02_issuing_of_credit_ratings.md
    path: "Title II > Article 13a"
    applies_to_entities:
      - european_commission
    topics:
      - credit_rating
      - financial_markets
      - data_protection
    keywords:
      - POS
      - data
      - access
      - guidelines
      - credit rating
      - credit rating agency
      - rated entity
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: true
      implementing_powers: false
      rts_mandate: false
      its_mandate: true
      transitional: false
    internal_references:
      - target: Article 8
        paragraph: "1"
      - target: Article 8
        paragraph: "6"
      - target: Article 8
        paragraph: "7"
      - target: Article 8a
        paragraph: "1"
      - target: Article 8a
        paragraph: "3"
      - target: Article 10
        paragraph: "1"
      - target: Article 10
        paragraph: "4"
      - target: Article 11
        paragraph: "1"
      - target: Article 12
      - target: Article 5
        paragraph: "3"
      - target: Article 8d
        paragraph: "2"
      - target: Article 11
        paragraph: "2"
      - target: Article 11a
        paragraph: "1"
      - target: Article 11a
        paragraph: "2"
      - target: Article 18
        paragraph: "3"
      - target: Article 24
        paragraph: "5"
      - target: Article 36d
        paragraph: "1"
    external_references:
      - instrument_type: regulation
        reference: "1095/2010"
    recitals: []

  - article_number: 14
    article_title: Requirement for registration
    chunk_file: /cra/chunks/cra_t03_ch01_registration_procedure.md
    path: "Title III > Chapter 1 > Article 14"
    applies_to_entities: []
    topics:
      - credit_rating
    keywords:
      - POS
      - branch
      - ITS
      - credit rating
      - credit rating agency
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 2
        paragraph: "1"
      - target: Article 16
        paragraph: "3"
      - target: Article 17
        paragraph: "3"
      - target: Article 16
      - target: Article 4
      - target: Article 6
    external_references: []
    recitals: []

  - article_number: 15
    article_title: Application for registration
    chunk_file: /cra/chunks/cra_t03_ch01_registration_procedure.md
    path: "Title III > Chapter 1 > Article 15"
    applies_to_entities: []
    topics:
      - credit_rating
    keywords:
      - ITS
      - credit rating
      - credit rating agency
      - group of credit rating agencies
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 16
    article_title: Examination of the application for registration of a credit rating agency by ESMA
    chunk_file: /cra/chunks/cra_t03_ch01_registration_procedure.md
    path: "Title III > Chapter 1 > Article 16"
    applies_to_entities: []
    topics:
      - credit_rating
      - outsourcing
    keywords:
      - outsourcing
      - ITS
      - notification
      - credit rating
      - credit rating agency
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 15
        paragraph: "4"
      - target: Article 4
        paragraph: "3"
      - target: Article 6
        paragraph: "3"
    external_references: []
    recitals: []

  - article_number: 17
    article_title: Examination of the applications for registration of a group of credit rating agencies by ESMA
    chunk_file: /cra/chunks/cra_t03_ch01_registration_procedure.md
    path: "Title III > Chapter 1 > Article 17"
    applies_to_entities: []
    topics:
      - credit_rating
      - outsourcing
    keywords:
      - outsourcing
      - ITS
      - notification
      - credit rating
      - credit rating agency
      - group of credit rating agencies
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 15
        paragraph: "4"
      - target: Article 4
        paragraph: "3"
      - target: Article 6
        paragraph: "3"
    external_references: []
    recitals: []

  - article_number: 18
    article_title: "Notification of a decision to register, refuse or withdraw registration, and publication of the list of registered credit rating agencies"
    chunk_file: /cra/chunks/cra_t03_ch01_registration_procedure.md
    path: "Title III > Chapter 1 > Article 18"
    applies_to_entities:
      - competent_authorities
      - european_commission
    topics:
      - credit_rating
    keywords:
      - ITS
      - EBA
      - notification
      - credit rating
      - credit rating agency
      - competent authorities
      - sectoral competent authorities
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 16
    external_references: []
    recitals: []

  - article_number: 19
    article_title: Registration and supervisory fees
    chunk_file: /cra/chunks/cra_t03_ch01_registration_procedure.md
    path: "Title III > Chapter 1 > Article 19"
    applies_to_entities:
      - competent_authorities
      - european_commission
    topics:
      - credit_rating
      - refunds
    keywords:
      - supervision
      - credit rating
      - credit rating agency
      - competent authorities
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: true
      penalties: false
      delegated_powers: true
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 30
      - target: Article 38a
      - target: Article 38b
      - target: Article 38c
    external_references: []
    recitals: []

  - article_number: 20
    article_title: Withdrawal of registration
    chunk_file: /cra/chunks/cra_t03_ch01_registration_procedure.md
    path: "Title III > Chapter 1 > Article 20"
    applies_to_entities:
      - member_states
      - competent_authorities
    topics:
      - credit_rating
    keywords:
      - credit rating
      - credit rating agency
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: true
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: true
    internal_references:
      - target: Article 24
      - target: Article 24
        paragraph: "4"
    external_references: []
    recitals: []

  - article_number: 21
    article_title: ESMA
    chunk_file: /cra/chunks/cra_t03_ch02_supervision_by_esma.md
    path: "Title III > Chapter 2 > Article 21"
    applies_to_entities:
      - competent_authorities
      - european_banking_authority
      - european_commission
    topics:
      - credit_rating
      - supervision
      - information_requirements
    keywords:
      - supervision
      - penalty
      - POS
      - data
      - system
      - ITS
      - EBA
      - guidelines
      - reporting
      - credit rating
      - credit rating agency
      - competent authorities
      - sectoral legislation
      - sectoral competent authorities
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: true
      penalties: true
      delegated_powers: true
      implementing_powers: false
      rts_mandate: true
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 25a
      - target: Article 4
        paragraph: "3"
      - target: Article 5
      - target: Article 11
        paragraph: "2"
      - target: Article 8
        paragraph: "3"
      - target: Article 11a
        paragraph: "1"
    external_references:
      - instrument_type: regulation
        reference: "1095/2010"
      - instrument_type: regulation
        reference: "1095/2010"
    recitals: []

  - article_number: 22
    article_title: Competent authorities
    chunk_file: /cra/chunks/cra_t03_ch02_supervision_by_esma.md
    path: "Title III > Chapter 2 > Article 22"
    applies_to_entities:
      - member_states
      - competent_authorities
    topics:
      - credit_rating
      - supervision
      - competent_authorities
    keywords:
      - POS
      - competent authorities
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 22a
    article_title: Examination of compliance with methodology requirements
    chunk_file: /cra/chunks/cra_t03_ch02_supervision_by_esma.md
    path: "Title III > Chapter 2 > Article 22a"
    applies_to_entities: []
    topics:
      - credit_rating
      - supervision
    keywords:
      - supervision
      - ITS
      - credit rating
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 8
        paragraph: "3"
      - target: Article 23
    external_references: []
    recitals: []

  - article_number: 23
    article_title: Non-interference with content of ratings or methodologies
    chunk_file: /cra/chunks/cra_t03_ch02_supervision_by_esma.md
    path: "Title III > Chapter 2 > Article 23"
    applies_to_entities:
      - member_states
      - european_commission
    topics:
      - credit_rating
      - supervision
    keywords:
      - credit rating
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 23a
    article_title: Exercise of the powers referred to in Articles 23b to 23d
    chunk_file: /cra/chunks/cra_t03_ch02_supervision_by_esma.md
    path: "Title III > Chapter 2 > Article 23a"
    applies_to_entities: []
    topics:
      - credit_rating
      - supervision
      - authorisation
    keywords: []
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 23b
    article_title: Requests for information
    chunk_file: /cra/chunks/cra_t03_ch02_supervision_by_esma.md
    path: "Title III > Chapter 2 > Article 23b"
    applies_to_entities:
      - member_states
      - competent_authorities
    topics:
      - credit_rating
      - supervision
      - authorisation
      - outsourcing
    keywords:
      - penalty
      - POS
      - ITS
      - credit rating
      - credit rating activities
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: false
      penalties: true
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 36a
      - target: Article 36b
    external_references:
      - instrument_type: regulation
        reference: "1095/2010"
    recitals: []

  - article_number: 23c
    article_title: General investigations
    chunk_file: /cra/chunks/cra_t03_ch02_supervision_by_esma.md
    path: "Title III > Chapter 2 > Article 23c"
    applies_to_entities:
      - member_states
      - competent_authorities
    topics:
      - credit_rating
      - supervision
      - authorisation
      - enforcement
    keywords:
      - authorisation
      - penalty
      - POS
      - data
      - consent
      - ITS
      - control
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: true
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 23b
        paragraph: "1"
      - target: Article 36b
      - target: Article 36a
    external_references:
      - instrument_type: regulation
        reference: "1095/2010"
    recitals: []

  - article_number: 23d
    article_title: On-site inspections
    chunk_file: /cra/chunks/cra_t03_ch02_supervision_by_esma.md
    path: "Title III > Chapter 2 > Article 23d"
    applies_to_entities:
      - member_states
      - competent_authorities
    topics:
      - credit_rating
      - supervision
      - authorisation
      - competent_authorities
      - enforcement
    keywords:
      - authorisation
      - penalty
      - POS
      - ITS
      - control
      - competent authorities
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: true
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 23b
        paragraph: "1"
      - target: Article 23c
        paragraph: "1"
      - target: Article 36b
    external_references:
      - instrument_type: regulation
        reference: "1095/2010"
    recitals: []

  - article_number: 23e
    article_title: Procedural rules for taking supervisory measures and imposing fines
    chunk_file: /cra/chunks/cra_t03_ch02_supervision_by_esma.md
    path: "Title III > Chapter 2 > Article 23e"
    applies_to_entities:
      - competent_authorities
    topics:
      - credit_rating
      - supervision
      - liability
      - enforcement
    keywords:
      - supervision
      - penalty
      - POS
      - access
      - ITS
      - credit rating
      - credit rating agency
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: true
      penalties: true
      delegated_powers: true
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 23b
      - target: Article 23c
      - target: Article 23d
      - target: Article 23a
      - target: Article 25
      - target: Article 36c
      - target: Article 24
      - target: Article 36a
      - target: Article 38a
      - target: Article 38b
      - target: Article 38c
    external_references: []
    recitals: []

  - article_number: 24
    article_title: Supervisory measures by ESMA
    chunk_file: /cra/chunks/cra_t03_ch02_supervision_by_esma.md
    path: "Title III > Chapter 2 > Article 24"
    applies_to_entities:
      - competent_authorities
      - european_banking_authority
      - european_commission
    topics:
      - credit_rating
      - supervision
      - enforcement
    keywords:
      - POS
      - system
      - ITS
      - EBA
      - credit rating
      - credit rating agency
      - regulatory purposes
      - control
      - financial instrument
      - competent authorities
      - sectoral competent authorities
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: false
      penalties: true
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 23e
        paragraph: "5"
    external_references:
      - instrument_type: regulation
        reference: "1095/2010"
    recitals: []

  - article_number: 25
    article_title: Hearing of the persons concerned
    chunk_file: /cra/chunks/cra_t03_ch02_supervision_by_esma.md
    path: "Title III > Chapter 2 > Article 25"
    applies_to_entities: []
    topics:
      - credit_rating
      - supervision
      - liability
    keywords:
      - POS
      - access
      - system
      - ITS
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 24
        paragraph: "1"
    external_references: []
    recitals: []

  - article_number: 25a
    article_title: "Sectoral competent authorities responsible for the supervision and enforcement of Article 4(1) and Articles 5a,  ————— 8c and 8d"
    chunk_file: /cra/chunks/cra_t03_ch02_supervision_by_esma.md
    path: "Title III > Chapter 2 > Article 25a"
    applies_to_entities:
      - competent_authorities
    topics:
      - credit_rating
      - supervision
      - competent_authorities
    keywords:
      - supervision
      - competent authorities
      - sectoral legislation
      - sectoral competent authorities
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 4
        paragraph: "1"
      - target: Article 5a
    external_references: []
    recitals: []

  - article_number: 26
    article_title: Obligation to cooperate
    chunk_file: /cra/chunks/cra_t03_ch03_cooperation_between_esma_competent_autho.md
    path: "Title III > Chapter 3 > Article 26"
    applies_to_entities:
      - competent_authorities
    topics:
      - credit_rating
      - competent_authorities
    keywords:
      - POS
      - EBA
      - competent authorities
      - sectoral legislation
      - sectoral competent authorities
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: true
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 27
    article_title: Exchange of information
    chunk_file: /cra/chunks/cra_t03_ch03_cooperation_between_esma_competent_autho.md
    path: "Title III > Chapter 3 > Article 27"
    applies_to_entities:
      - credit_institutions
      - competent_authorities
      - european_central_bank
    topics:
      - credit_rating
      - competent_authorities
    keywords:
      - POS
      - settlement
      - system
      - ITS
      - competent authorities
      - sectoral legislation
      - sectoral competent authorities
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 30
    article_title: Delegation of tasks by ESMA to competent authorities
    chunk_file: /cra/chunks/cra_t03_ch03_cooperation_between_esma_competent_autho.md
    path: "Title III > Chapter 3 > Article 30"
    applies_to_entities:
      - member_states
      - competent_authorities
      - european_commission
    topics:
      - credit_rating
      - refunds
      - enforcement
    keywords:
      - guidelines
      - competent authorities
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: true
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 21
        paragraph: "2"
      - target: Article 23b
      - target: Article 23d
        paragraph: "6"
      - target: Article 19
        paragraph: "2"
    external_references: []
    recitals: []

  - article_number: 31
    article_title: Notifications and suspension requests by competent authorities
    chunk_file: /cra/chunks/cra_t03_ch03_cooperation_between_esma_competent_autho.md
    path: "Title III > Chapter 3 > Article 31"
    applies_to_entities:
      - member_states
      - competent_authorities
      - financial_entities
    topics:
      - credit_rating
      - competent_authorities
      - enforcement
    keywords:
      - POS
      - system
      - ITS
      - notification
      - credit rating
      - credit rating agency
      - regulatory purposes
      - competent authorities
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 23b
      - target: Article 23c
      - target: Article 4
        paragraph: "1"
    external_references: []
    recitals: []

  - article_number: 32
    article_title: Professional secrecy
    chunk_file: /cra/chunks/cra_t03_ch03_cooperation_between_esma_competent_autho.md
    path: "Title III > Chapter 3 > Article 32"
    applies_to_entities:
      - competent_authorities
    topics:
      - credit_rating
    keywords:
      - RTS
      - competent authorities
      - sectoral competent authorities
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 27
        paragraph: "2"
    external_references: []
    recitals: []

  - article_number: 34
    article_title: Agreement on exchange of information
    chunk_file: /cra/chunks/cra_t03_ch04_cooperation_with_third_countries.md
    path: "Title III > Chapter 4 > Article 34"
    applies_to_entities:
      - competent_authorities
    topics:
      - credit_rating
      - data_protection
    keywords:
      - transfer
      - data
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 32
    external_references: []
    recitals: []

  - article_number: 35
    article_title: Disclosure of information from third countries
    chunk_file: /cra/chunks/cra_t03_ch04_cooperation_with_third_countries.md
    path: "Title III > Chapter 4 > Article 35"
    applies_to_entities:
      - competent_authorities
    topics:
      - credit_rating
    keywords:
      - POS
      - ITS
    contains:
      obligations: false
      prohibitions: false
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 35a
    article_title: Civil liability
    chunk_file: /cra/chunks/cra_t03_civil_liability_of_credit_rating_agencie.md
    path: "Title III > Article 35a"
    applies_to_entities: []
    topics:
      - credit_rating
      - liability
      - financial_markets
      - enforcement
    keywords:
      - liability
      - access
      - ITS
      - credit rating
      - credit rating agency
      - financial instrument
      - issuer
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: true
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 5a
        paragraph: "1"
      - target: Article 36a
    external_references: []
    recitals: []

  - article_number: 36
    article_title: Penalties
    chunk_file: /cra/chunks/cra_t04_ch01_penalties_fines_periodic_penalty_payment.md
    path: "Title IV > Chapter 1 > Article 36"
    applies_to_entities:
      - member_states
      - competent_authorities
      - european_commission
    topics:
      - credit_rating
      - enforcement
      - sanctions
      - delegated_acts
      - committee_procedure
      - liability
    keywords:
      - penalty
      - POS
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: true
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 4
        paragraph: "1"
    external_references: []
    recitals: []

  - article_number: 36a
    article_title: Fines
    chunk_file: /cra/chunks/cra_t04_ch01_penalties_fines_periodic_penalty_payment.md
    path: "Title IV > Chapter 1 > Article 36a"
    applies_to_entities: []
    topics:
      - credit_rating
      - enforcement
      - sanctions
      - delegated_acts
      - committee_procedure
    keywords:
      - POS
      - ITS
      - credit rating
      - credit rating agency
      - senior management
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: false
      penalties: true
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 23e
        paragraph: "5"
    external_references: []
    recitals: []

  - article_number: 36b
    article_title: Periodic penalty payments
    chunk_file: /cra/chunks/cra_t04_ch01_penalties_fines_periodic_penalty_payment.md
    path: "Title IV > Chapter 1 > Article 36b"
    applies_to_entities: []
    topics:
      - credit_rating
      - enforcement
      - sanctions
      - delegated_acts
      - committee_procedure
    keywords:
      - penalty
      - POS
      - data
      - notification
      - credit rating
      - credit rating agency
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: false
      penalties: true
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 24
        paragraph: "1"
      - target: Article 23b
        paragraph: "1"
      - target: Article 23b
      - target: Article 23c
      - target: Article 23d
    external_references: []
    recitals: []

  - article_number: 36c
    article_title: Hearing of the persons subject to the proceedings
    chunk_file: /cra/chunks/cra_t04_ch01_penalties_fines_periodic_penalty_payment.md
    path: "Title IV > Chapter 1 > Article 36c"
    applies_to_entities: []
    topics:
      - credit_rating
      - enforcement
      - sanctions
      - delegated_acts
      - committee_procedure
    keywords:
      - penalty
      - POS
      - access
      - ITS
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: true
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 36a
      - target: Article 36b
        paragraph: "1"
    external_references: []
    recitals: []

  - article_number: 36d
    article_title: "Disclosure, nature, enforcement and allocation of fines and periodic penalty payments"
    chunk_file: /cra/chunks/cra_t04_ch01_penalties_fines_periodic_penalty_payment.md
    path: "Title IV > Chapter 1 > Article 36d"
    applies_to_entities:
      - member_states
    topics:
      - credit_rating
      - enforcement
      - sanctions
      - delegated_acts
      - committee_procedure
      - liability
    keywords:
      - penalty
      - POS
      - RTS
      - ITS
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: false
      penalties: true
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 36a
      - target: Article 36b
    external_references: []
    recitals: []

  - article_number: 36e
    article_title: Review by the Court of Justice of the European Union
    chunk_file: /cra/chunks/cra_t04_ch01_penalties_fines_periodic_penalty_payment.md
    path: "Title IV > Chapter 1 > Article 36e"
    applies_to_entities: []
    topics:
      - credit_rating
      - enforcement
      - sanctions
      - delegated_acts
      - committee_procedure
    keywords:
      - penalty
      - POS
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: false
      penalties: true
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 37
    article_title: Amendments to Annexes
    chunk_file: /cra/chunks/cra_t04_ch01_penalties_fines_periodic_penalty_payment.md
    path: "Title IV > Chapter 1 > Article 37"
    applies_to_entities:
      - european_commission
    topics:
      - credit_rating
      - enforcement
      - sanctions
      - delegated_acts
      - committee_procedure
    keywords:
      - financial instrument
    contains:
      obligations: false
      prohibitions: false
      permissions: true
      definitions: true
      penalties: false
      delegated_powers: true
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 38a
      - target: Article 38b
      - target: Article 38c
    external_references: []
    recitals: []

  - article_number: 38
    article_title: Committee procedure
    chunk_file: /cra/chunks/cra_t04_ch01_penalties_fines_periodic_penalty_payment.md
    path: "Title IV > Chapter 1 > Article 38"
    applies_to_entities: []
    topics:
      - credit_rating
      - enforcement
      - sanctions
      - delegated_acts
      - committee_procedure
    keywords: []
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 38a
    article_title: Exercise of the delegation
    chunk_file: /cra/chunks/cra_t04_ch01_penalties_fines_periodic_penalty_payment.md
    path: "Title IV > Chapter 1 > Article 38a"
    applies_to_entities:
      - european_commission
    topics:
      - credit_rating
      - enforcement
      - sanctions
      - delegated_acts
      - committee_procedure
    keywords: []
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: true
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 5
        paragraph: "6"
      - target: Article 19
        paragraph: "2"
      - target: Article 23e
        paragraph: "7"
      - target: Article 37
      - target: Article 38b
      - target: Article 38c
    external_references: []
    recitals: []

  - article_number: 38b
    article_title: Revocation of the delegation
    chunk_file: /cra/chunks/cra_t04_ch01_penalties_fines_periodic_penalty_payment.md
    path: "Title IV > Chapter 1 > Article 38b"
    applies_to_entities:
      - european_commission
    topics:
      - credit_rating
      - enforcement
      - sanctions
      - delegated_acts
      - committee_procedure
    keywords: []
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: true
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 5
        paragraph: "6"
      - target: Article 19
        paragraph: "2"
      - target: Article 23e
        paragraph: "7"
      - target: Article 37
    external_references: []
    recitals: []

  - article_number: 38c
    article_title: Objections to delegated acts
    chunk_file: /cra/chunks/cra_t04_ch01_penalties_fines_periodic_penalty_payment.md
    path: "Title IV > Chapter 1 > Article 38c"
    applies_to_entities:
      - european_commission
    topics:
      - credit_rating
      - enforcement
      - sanctions
      - delegated_acts
      - committee_procedure
    keywords:
      - notification
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: true
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 39
    article_title: Reports
    chunk_file: /cra/chunks/cra_t04_ch01_penalties_fines_periodic_penalty_payment.md
    path: "Title IV > Chapter 1 > Article 39"
    applies_to_entities:
      - european_commission
    topics:
      - credit_rating
      - enforcement
      - sanctions
      - delegated_acts
      - committee_procedure
      - securitisation
      - conflicts_of_interest
    keywords:
      - POS
      - third party
      - RTS
      - reporting
      - credit rating
      - credit rating agency
      - related third party
      - securitisation instrument
      - issuer
      - re-securitisation
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 6b
      - target: Article 8c
      - target: Article 6b
        paragraph: "1"
      - target: Article 6b
        paragraph: "3"
      - target: Article 6b
        paragraph: "2"
      - target: Article 8b
      - target: Article 6
      - target: Article 6a
      - target: Article 7
      - target: Article 5
        paragraph: "6"
    external_references: []
    recitals: []

  - article_number: 39a
    article_title: ESMA’s staffing and resources
    chunk_file: /cra/chunks/cra_t04_ch01_penalties_fines_periodic_penalty_payment.md
    path: "Title IV > Chapter 1 > Article 39a"
    applies_to_entities:
      - european_commission
    topics:
      - credit_rating
      - enforcement
      - sanctions
      - delegated_acts
      - committee_procedure
    keywords:
      - ITS
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 39b
    article_title: Reporting obligations
    chunk_file: /cra/chunks/cra_t04_ch01_penalties_fines_periodic_penalty_payment.md
    path: "Title IV > Chapter 1 > Article 39b"
    applies_to_entities:
      - member_states
      - european_commission
    topics:
      - credit_rating
      - enforcement
      - sanctions
      - delegated_acts
      - committee_procedure
      - credit_risk
      - risk_assessment
      - conflicts_of_interest
    keywords:
      - POS
      - network
      - reporting
      - credit rating
      - credit rating agency
      - regulatory purposes
      - financial instrument
      - issuer
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 8d
    external_references: []
    recitals: []

  - article_number: 40
    article_title: Transitional provision
    chunk_file: /cra/chunks/cra_t04_ch02_transitional_and_final_provisions.md
    path: "Title IV > Chapter 2 > Article 40"
    applies_to_entities:
      - financial_entities
    topics:
      - credit_rating
      - final_provisions
      - transitional_provisions
    keywords:
      - POS
      - ITS
      - credit rating
      - regulatory purposes
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: true
    internal_references:
      - target: Article 4
        paragraph: "1"
      - target: Article 24
        paragraph: "4"
      - target: Article 24
        paragraph: "5"
    external_references: []
    recitals: []

  - article_number: 40a
    article_title: Transitional measures related to ESMA
    chunk_file: /cra/chunks/cra_t04_ch02_transitional_and_final_provisions.md
    path: "Title IV > Chapter 2 > Article 40a"
    applies_to_entities:
      - member_states
      - competent_authorities
    topics:
      - credit_rating
      - final_provisions
      - transitional_provisions
    keywords:
      - supervision
      - transfer
      - POS
      - ITS
      - credit rating
      - credit rating agency
      - home member state
      - competent authorities
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: true
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 41
    article_title: Entry into force
    chunk_file: /cra/chunks/cra_t04_ch02_transitional_and_final_provisions.md
    path: "Title IV > Chapter 2 > Article 41"
    applies_to_entities: []
    topics:
      - credit_rating
      - final_provisions
      - transitional_provisions
    keywords:
      - ITS
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: true
    internal_references:
      - target: Article 4
        paragraph: "1"
      - target: Article 4
        paragraph: "3"
    external_references: []
    recitals: []