S.L. 514.9 Art. 9Credit assessment processes.

The competent authority shall, taking into account the size, nature, scale and complexity of the activities of the occupational retirement scheme supervised:

(a) monitor the adequacy of the occupational retirement scheme’s credit assessment processes;

(b) assess the use of references to credit ratings issued by credit rating agencies as defined in Article 3(1)(b) of Regulation (EC) No 1060/2009 of the European Parliament and of the Council, in their investment policies; and

(c) where appropriate, encourage mitigation of the impact of such references, with a view to reducing sole and mechanistic reliance on such credit ratings.