Section 91

The Authority may make regulations that require that the operator of a credit rating agency to have the following organisational arrangements in place -

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{a)

to identify clearly and manage the potential adverse consequences in his day to day operations and for his clients of any conflict of interest between the interest of his owners or his operator and the sound functioning of the business;

{b) to be adequately equipped to manage the risks to which he is exposed, to implement appropriate arrangements and systems to identify all significant risks to his operation, and to put in place effective measures to mitigate those risks;

(cJ for the sound management of the technical operations of his systems, including outsourcing and the establishment of effective contingency arrangements to cope with risks of systems disruptions;

(dJ for ensuring the verification of the sufficiency and quality of the information upon which the agency bases their ratings;

feJ for ensuring the disclosure of the models, methodologies and key assumptions on which the credit rating agency bases their ratings;

({)

to publish an annual transparency report;