A.M. Best Rating Services, Inc. (AMB)1 Regulatory Registrations

Australia

  • An Australian Financial Services (AFS) Licensed Credit Rating Agency 2 (License # 411055) who provides services to wholesale clients in accordance with the Corporations Act of 2001. Supervision is conducted by the Australian Securities and Investments Commission.

Brazil

  • Authorized Credit Rating Agency3 in Brazil registered in accordance with Comissão de Valores Mobiliários (CVM) Instruction No 512/12 which regulates the activity of credit risk classification.

Dubai

  • Maintain a Licensed Representative Office operating in Dubai that is an extension of an affiliated registered Credit Rating Agency. Licensing was completed in accordance with Article 48 of the Regulatory Law 2004 and is supervised by the Dubai Financial Services Authority (DFSA)4.

European Union (EU)

  • Registered as a Credit Rating Agency (CRA) in the EU and endorses credit ratings produced by certain non-EU domiciled affiliates into the EU in accordance with Regulation (EC) No 1060/2009 of the European Parliament, as amended,4 and is supervised by the European Securities Market Authority (ESMA).
  • An External Credit Assessment Institution (ECAI)4.

Hong Kong

  • A licensed corporation2 established to provide Credit Rating Services, a Type 10 regulated activity, in Hong Kong. Licensing was completed in accordance with section 120(1) of the Securities and Futures Ordinance CAP 571 and is supervised by the Hong Kong Securities and Futures Commission.

International

  • Adopted the International Organization of Securities Commissions (IOSCO) Code of Conduct Fundamentals for Credit Rating Agencies1.

Mexico

  • Authorized Credit Rating Agency5 in Mexico registered in accordance with the Securities Market Law and the General Provisions applicable to rating agencies and regulated by the National Banking Securities Commission (CNBV).

New Zealand

  • A registered Credit Rating Agency2 in New Zealand which permits the production of credit ratings for use by the insurance sector for the purposes of the Insurance (Prudential Supervision) Act 2010.

Singapore

  • A licensed corporation6 established to provide Credit Rating Services, a regulated activity, in Singapore. Licensing was completed in accordance with the Securities and Futures Act (Chapter. 289) whereby the company maintains a Capital Markets Services License and is supervised by the Monetary Authority of Singapore.

United States (U.S.)

  • Registered with and supervised by the U.S. Securities and Exchange Commission (SEC) as a Nationally Recognized Statistical Rating Organization (NRSRO) pursuant to section 15E of the Securities and Exchange Act of 1934 (the Act) and the rules adopted thereunder 1, 3.

Footnotes:

  1. AMB regulated credit rating operations consists of five entities: A.M. Best Rating Services, Inc. (AMB) and its subsidiaries A.M. Best Europe - Rating Services Limited (AMBERS), A.M. Best America Latina, S.A. de C.V. (AMBAL), A.M. Best Asia Pacific Limited (AMBAP) and A.M. Best Asia-Pacific (Singapore) Pte.Ltd. (AMBAPS).
  2. Established in Hong Kong (HK), AMBAP:
    • Maintains a license to conduct Type 10 regulated activities in HK; effective June 1, 2011;
    • Maintains a AFS wholesale license; effective October 27, 2011;
    • Permitted to operate as a Credit Rating Agency in New Zealand by the Reserve Bank of New Zealand effective April 15, 2011.
    • Is a Form NRSRO registered credit rating agency affiliate.
  3. Established in the United States (U.S.), AMB:
    • Is registered with the SEC in the U.S. as an NRSRO. The SEC issued an order granting Form NRSRO registration on September 24, 2007. As credit rating affiliates of AMB, AMBERS, AMBAP, AMBAPS and AMBAL are incorporated in the Form NRSRO registration and are therefore registered as Form NRSRO affiliates.
    • Is a registered credit rating agency in Brazil.
  4. Established in the United Kingdom (UK), AMBERS:
    • Is a registered Credit Rating Agency as determined by the UK Financial Services Authority effective September 12, 2011. Note: The EU Commission has determined that the regulatory regimes for CRAs in the U.S., Hong Kong, Singapore, Australia, Brazil, and Mexico are equivalent with the EU CRA Regulation.
    • Endorses selected credit ratings produced by AMB, AMBAP, AMBAPS or AMBAL into the EU in accordance with Article 4(3) of Regulation (EC) 1060/2009 (Endorsement Disclosure Statement).
    • Maintains a License granting permission to operate a Representative Office in Dubai effective September 27, 2012.
    • Obtained a license to carry out credit rating agency activity within the Sultanate of Oman as ordered by the Capital Market Authority effective 18 April 2017.
    • ECAI status achieved following the adoption of the EU legislative package known as the Capital Requirements Directive IV (CRD IV).
    • Is a Form NRSRO registered credit rating agency affiliate.
  5. Established in Mexico, AMBAL:
    • Is a registered Credit Rating Agency in Mexico by the National Banking Securities Commission.
    • Is a Form NRSRO registered credit rating agency affiliate.
  6. Established in Singapore, AMBAPS:
    • Maintains a license to conduct the regulated activity of providing credit rating services in Singapore; effective October 27, 2014.
    • Is a Form NRSRO registered credit rating agency affiliate.

Effective: September 20, 2017