Delegation of decisions on prior permission to implement material changes or extensions to rating systems
Article 3
1. In accordance with Article 4 of Decision (EU) 2017/933 (ECB/2016/40), the Governing Council hereby delegates to the heads of work units nominated by the Executive Board in accordance with Article 5 of that Decision the power to adopt decisions granting permission for an early implementation of material changes or extensions to rating systems which fulfil the delegation criteria set out in Article 4. 2. In accordance with Article 4 of Decision (EU) 2017/933 (ECB/2016/40), the Governing Council hereby delegates to the heads of work units nominated by the Executive Board in accordance with Article 5 of that Decision the power to adopt decisions granting permission to implement material changes or extensions to rating systems after an investigation which fulfil the criteria set out in Article 5. 3. Decisions referred to in paragraphs 1 and 2 shall not be adopted by means of a delegated decision if the supervisory assessment of those decisions has a direct impact on the supervisory assessment of another decision which is to be adopted under the non-objection procedure, or the complexity of the assessment or the sensitivity of the matter require that they are adopted under the non-objection procedure following a dedicated supervisory assessment. 4. Negative decisions on early implementation of material changes or extensions to rating systems and negative decisions on material changes or extensions to rating systems after an investigation shall not be adopted by means of a delegated decision.