Power to prohibit and order in the case of use of external ratings

(1) The supervisory authority may prohibit an institution that uses ratings of one or more rating agencies for supervisory purposes from using these ratings, where the rating agencies do not have their registered office within the European Economic Area and are not registered under Regulation (EC) No 1060/2009, as amended from time to time.
(2) The supervisory authority may, in an individual case, make orders against an institution that are suitable and necessary to ensure compliance with the requirements of Regulation (EC) No 1060/2009, as amended from time to time. In particular, the supervisory authority may make orders to counteract excessive reliance by the institution on ratings.