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The Credit Rating Agencies (Amendment) Regulations 2011

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This is the original version (as it was originally made).

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations implement Regulation (EU) No. 513/2011 of the European Parliament and of the Council (OJ L 145, 31.5.2011, p. 30) amending Regulation (EC) No. 1060/2009 on credit rating agencies. Regulation No. 513/2001 transfers responsibility for regulating credit rating agencies under Regulation 1060/2009 (OJ L 302, 17.11.2009, p. 1) from national authorities to the European Securities and Markets Authority (“ESMA”).

Regulation 2 amends the European Communities (Enforcement of Community Judgments) Order 1972 (S.I. 1972/1590) to enable sanctions and periodic penalties imposed by ESMA to be enforced in the UK.

Regulation 4(d) revokes Parts 3 to 8 to the Credit Rating Agencies Regulations 2010 (S.I. 2010/906), to reflect the fact that ESMA will assume responsibility for regulating credit rating agencies.

Regulation 4(e) inserts a new Part 10 into the Credit Rating Agencies Regulations 2010. New regulations 32 and 33 require ESMA to obtain authorisation from the High Court (in Scotland, the Court of Session) before requesting records of telephone or data traffic, or carrying out an on-site inspection. Regulation 33 also enables ESMA to obtain a warrant if a person does not comply with such an inspection.

An Explanatory Memorandum is available alongside these Regulations on the National Archive website www.legislation.gov.uk.

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