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FEDERAL LAW OF THE RUSSIAN FEDERATION

of July 13, 2015 No. 222-FZ

About activities of credit rating agencies in the Russian Federation, about modification of article 76.1 of the Federal law "About the Central Bank Russian Federation (Bank of Russia)" and recognition voided separate provisions of legal acts of the Russian Federation

(as amended on 02-07-2021)

Accepted by the State Duma on June 30, 2015

Approved by the Federation Council on July 8, 2015

Chapter 1. General provisions

Article 1. Subject of regulation of this Federal Law

1. This Federal Law establishes the legal basis of activities of credit rating agencies according to capability of legal entities and public legal entities to fulfill the assumed financial liabilities, assessment of credit risk of their financial liabilities and financial instruments, and also powers of the Central bank of the Russian Federation (further - the Bank of Russia) when implementing regulation and supervision in field of activity of credit rating agencies.

2. This Federal Law is aimed at providing protection of the rights and legitimate interests of reytinguyemy persons and users of credit ratings, including creditors and investors, and also at ensuring transparency and independence of activities of credit rating agencies.

Article 2. The basic concepts used in this Federal Law

For the purpose of this Federal Law the following basic concepts are used:

1) credit rating agency - the legal entity created in form of business of economic society in accordance with the legislation of the Russian Federation, entered by the Bank of Russia in the register of credit rating agencies according to requirements of this Federal Law and performing rating activities;

2) rating activities - the professional activity performed on permanent basis, consisting in total of preparation, assignment, confirmation, review, withdrawal of credit ratings and forecasts for credit ratings (further - rating actions) on the basis of information analysis according to methodology and followed by distribution of information on the assigned credit scores and forecasts for the credit ratings in any manner providing access to it for the unrestricted group of people;

3) credit rating - opinion on capability of reytinguyemy person to fulfill the assumed financial liabilities (creditworthness, financial reliability, financial stability) and (or) about credit risk of its separate financial liabilities or financial instruments, expressed with use of rating category;

4) reytinguyemy person - the legal entity or public legal entity, capability to fulfill the assumed financial liabilities of which (creditworthness, financial reliability, financial stability) it is directly or indirectly estimated in credit rating;

5) rating object - reytinguyemy person and (or) its financial liabilities (creditworthness, financial reliability, financial stability) or financial instruments;

6) rating category - the element of rating scale designated in the form of alphabetic, numerical and (or) other special symbol (symbols);

7) rating scale - the system of rating categories applied by credit rating agency to classification of levels of credit rating;

8) the international rating scale - the rating scale providing possibility of the international comparison of the credit scores assigned by credit rating agency;

9) national rating scale - the rating scale providing possibility of exclusively interstate comparison of the credit scores assigned by credit rating agency;

10) sovereign credit rating - credit rating which object are the Russian Federation or foreign state, the subject of the Russian Federation or administrative and territorial unit of foreign state, public authority of the Russian Federation or foreign state, public authority of the subject of the Russian Federation or administrative and territorial unit of foreign state or local government body of the Russian Federation or foreign state, the union of the states, international financial institution and (or) their separate financial liabilities or financial instruments;

11) not requested credit rating - the credit score assigned by credit rating agency without the conclusion of the contract with reytinguyemy person;

12) the forecast for credit rating - opinion on probable change of credit rating;

13) the rating analyst - the physical person which performs the analytical functions necessary for implementation of rating actions and is the employee of credit rating agency;

14) the leading rating analyst - the rating analyst whose fundamental obligations include interaction with reytinguyemy person concerning specific credit rating, preparation of documents and offers for rating committee concerning such credit rating;

15) methodology - the document of credit rating agency determining the principles and forms of the analysis of quantitative and high-quality factors and application of models and key rating assumptions based on which the decision on rating action is made.

Chapter 2. Conditions of implementation of activities by credit rating agencies

Article 3. Rating activities in the Russian Federation and application of national rating scale

1. The legal entities created in form of business of economic society, after entering of information about such persons by the Bank of Russia into the register of credit rating agencies according to the procedure, determined by this Federal Law and regulations of the Bank of Russia have in the territory of the Russian Federation the right to perform rating activities. Other legal entities have no right to perform rating activities.

2. The minimum size of own means (capital) for credit rating agency is established in the amount of 50 million rubles. The technique of determination of the size of own means (capital) of credit rating agency is established by the Bank of Russia.

3. It is forbidden to combine rating activities with other types of activity, except for the activities specified in part 9 of article 9 of this Federal Law.

4. If the legislation of the Russian Federation provides use of credit ratings by public authorities of the Russian Federation, public authorities of subjects of the Russian Federation, local government bodies, the Bank of Russia, the credit scores assigned on national rating scale for the Russian Federation are applied to the Russian objects of rating.

5. By the regulation of the Bank of Russia features of use of the credit scores assigned by the foreign credit rating agencies performing rating activities according to the personal law (further - foreign credit rating agency), for the Russian objects of rating taking into account provisions of the documents accepted by the international organizations and international associations can be established.

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