Article 59: Amendments to Regulation (EC) No 1060/2009
agent:eu:dora:art-59 · sha256 566800694cb483a6
Turnover framework under the act
The act sets no turnover framework. Penalties are laid down by the Member States.
Affected roles
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Affected industries
banking, insurance
Obligations
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Article text
Regulation (EC) No 1060/2009 is amended as follows:
(1)
in Annex I, Section A, point 4, the first subparagraph is replaced by the following:
‘A credit rating agency shall have sound administrative and accounting procedures, internal control mechanisms, effective procedures for risk assessment, and effective control and safeguard arrangements for managing ICT systems in accordance with Regulation (EU) 2022/2554 of the European Parliament and of the Council (*1).
(2)
in Annex III, point 12 is replaced by the following:
‘12.
The credit rating agency infringes Article 6(2), in conjunction with point 4 of Section A of Annex I, by not having sound administrative or accounting procedures, internal control mechanisms, effective procedures for risk assessment, or effective control or safeguard arrangements for managing ICT systems in accordance with Regulation (EU) 2022/2554; or by not implementing or maintaining decision-making procedures or organisational structures as required by that point.’.
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