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The Credit Rating Agencies Regulations 2010 is up to date with all changes known to be in force on or before 23 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Statutory Instruments

2010 No. 906

Financial Services And Markets

The Credit Rating Agencies Regulations 2010

Made

22nd March 2010

Laid before Parliament

23rd March 2010

Coming into force

7th June 2010

The Treasury are a government department designated for the purposes of section 2(2) of the European Communities Act 1972M1 in relation to—

(a)credit ratings and credit rating agenciesM2;

(b)credit and financial institutions and the taking of deposits or other repayable funds from the publicM3; and

(c)measures relating to investment firms and to the provision of investment servicesM4.

The Treasury, in exercise of the powers conferred by section 2(2) of the European Communities Act 1972 and section 349(1)(b) of the Financial Services and Markets Act 2000 M5, make the following Regulations:

Modifications etc. (not altering text)

C1Regulations: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)

Marginal Citations

M11972 c.68; section 2(2) was amended by section 27(1)(a) of the Legislative and Regulatory Reform Act 2006 (c.51) and by the Schedule to the European Union (Amendment) Act 2008 (c.7).

PART 1U.K.General

Citation and commencementU.K.

1.  These Regulations may be cited as the Credit Rating Agencies Regulations 2010 and shall come into force on 7th June 2010.

InterpretationU.K.

2.—(1) In these Regulations—

the Act” means the Financial Services and Markets Act 2000;

F1...

the EC Regulation” means Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies M6 [F2, as amended by Regulation (EU) No. 513/2011 of the European Parliament and of the Council of 11 May 2011 amending Regulation (EC) No. 1060/2009 on credit rating agencies ];

F3...

[F4“the FCA” means the Financial Conduct Authority.]

overseas competent authority” means an authority designated by a Member State other than the United Kingdom in accordance with Article 22(1) of the EC Regulation (competent authorities);

protected item” has the same meaning as in section 413 of the Act (protected items).

(2) Expressions used in these Regulations which are listed in Article 3 of the EC Regulation (definitions) have the meaning given in that Article.

PART 2U.K. [F5The Financial Conduct Authority]

Designation of competent authorityU.K.

3.  [F6The FCA] is the competent authority for the purposes of the EC Regulation.

FeesU.K.

F74.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Disclosure of confidential informationU.K.

5.  Section 348(1) of the Act (restrictions on disclosure of confidential information by [F8FCA, PRA etc]) does not prevent the [F9FCA] from disclosing confidential information where the disclosure is permitted by the EC Regulation.

GuidanceU.K.

6.—(1) The [F10FCA] may give guidance consisting of such information and advice as it considers appropriate with respect to any matter relating to the functions of the [F10FCA] under the EC Regulation.

(2) The [F10FCA] may—

(a)publish its guidance;

(b)offer copies of its published guidance for sale at a reasonable price;

(c)if it gives guidance in response to a request made by any person, make a reasonable charge for that guidance.

MiscellaneousU.K.

7.  The functions of the [F11FCA] under the EC Regulation are to be treated for the purposes of [F12Part 1 (general) and paragraphs 16 (status) and 33 (exemption from liability in damages) of Schedule 1ZA] to the Act as functions conferred on the [F11FCA] under the Act.

F13PART 3U.K.Applications for certification and registration

Textual Amendments

Language for applicationsU.K.

F138.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Approval decisionsU.K.

F139.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Refusal decisionsU.K.

F1310.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F13PART 4U.K.Investigatory Powers

Application of this PartU.K.

F1311.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interpretation of this PartU.K.

F1312.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Information and documentsU.K.

F1313.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reports by skilled personsU.K.

F1314.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

InvestigationsU.K.

F1315.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Investigators: powers and evidenceU.K.

F1316.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Information and documents: supplemental provisionsU.K.

F1317.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Entry of premises under warrantU.K.

F1318.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F13PART 5U.K.Supervisory measures

Appropriate measuresU.K.

F1319.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

InjunctionsU.K.

F1320.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F13PART 6U.K.Penalties and offences

Financial penaltiesU.K.

F1321.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Statements of policyU.K.

F1322.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Publication of penaltiesU.K.

F1323.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Offences relating to investigatory powersU.K.

F1324.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Offence of misleading the AuthorityU.K.

F1325.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Offences by bodies corporate etcU.K.

F1326.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceedings for offencesU.K.

F1327.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Unincorporated associationsU.K.

F1328.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F13PART 7U.K.Appeals

AppealsU.K.

F1329.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F13PART 8U.K.Notices

Application of Part 26 of the ActU.K.

F1330.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 9U.K.Capital Requirements Regulations 2006

Amendments to the Capital Requirements Regulations 2006U.K.

F1431.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F15PART 10U.K.ESMA: investigatory powers

Records of telephone and data traffic: Article 23c(1)(e) of the EC RegulationU.K.

F1632.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Inspections: Article 23d of the EC RegulationU.K.

F1633.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Offences: Article 23d inspectionsU.K.

F1634.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Bob Blizzard

Dave Watts

Two of the Lords Commissioners of Her Majesty's Treasury

Explanatory Note

(This note is not part of the Regulations)

These Regulations implement Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (“the EC Regulation”) (OJ L 302, 17.11.2209, p. 1).

The EC Regulation establishes a registration system for credit rating agencies, and requires registered agencies to comply with various provisions relating to independence, conflicts of interest, employees and analysts, methodologies and models, outsourcing, and disclosure and presentation of information. Specified financial institutions may only use credit ratings for regulatory purposes if they have been issued or endorsed by a registered credit rating agency, or issued by an overseas agency that has been certified in accordance with the EC Regulation.

Part 2 of the Regulations designates the Financial Services Authority (“the Authority”) as the competent authority in the United Kingdom for the purposes of the EC Regulation.

Part 3 makes provision relating to applications for certification and registration.

Part 4 makes provision for the investigatory powers of the Authority.

Part 5 provides powers for the Authority to take action where a credit rating agency breaches obligations arising from the EC Regulation.

Part 6 creates penalties and offences which may apply if a person breaches a requirement of the EC Regulation or these Regulations.

Part 7 makes provision for appeals and Part 8 provides for notices.

Part 9 amends the Capital Requirements Regulations 2006 (S.I. 2006/3221) to implement Article 2(3) of the EC Regulation in relation to external credit assessment institutions.

An Impact Assessment of the effect of these Regulations is available on HM Treasury's website (www.hm-treasury.gov.uk) and is annexed to the Explanatory Memorandum which is available alongside these Regulations on the OPSI website (www.opsi.gov.uk).

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