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ARTICLE · 31 JULY 2013

CRA3 – New Requirements Affect Issuers, Originators And Sponsors

Hogan Lovells Cadwalader
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The European Regulation known as CRA31 has recently come into force.

United StatesFinance and Banking
Assia Damianova
Assia Damianova
Robert Cannon
Robert Cannon
Suzanne Bell
Suzanne Bell
Nick Shiren
Nick Shiren
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On 20 June 2013, the European Regulation known as CRA31 ("CRA3") came into force. CRA3 not only amends the European regulatory framework for credit rating agencies ("CRAs"), but also contains certain important obligations for issuers, originators and sponsors.

CRA3 introduces the following new provisions:

  • a requirement to appoint at least two CRAs in respect of rated structured finance instruments;
  • a requirement to consider appointing at least one small CRA;
  • a joint obligation for issuers, originators and sponsors of structured finance instruments to publish certain information in relation to the underlying assets and the transaction;
  • measures intended to reduce over-reliance on credit ratings; and

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