‘1a. Taking into account the nature, scale and complexity of the activities of the institutions supervised, Member
States shall ensure that the competent author
ities monitor the adequacy of the institutions’ credit assessment processes, 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 of 16 September 2009 on credit rating agencies (9), in their investment policies and, where appropriate, encourage mitigation of the imp
...[+++]act of such references, with a view to reducing sole and mechanistic reliance on such credit ratings.