Chapter 13 Chapter 13 Operating a Credit Rating Agency
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.
66. Preparing credit scores etc.
A person does not Operate a Credit Rating Agency where that person prepares any credit scores, credit scoring systems or similar assessments relating to obligations arising from consumer, commercial or industrial relationships.