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The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019

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  1. Introductory Text

  2. PART 1 General provision

    1. 1.Citation and commencement

    2. 2.Interpretation

  3. PART 2 Rules and Guidance

    1. 3.Rules

    2. 4.Rules: procedure, etc.

    3. 5.Guidance

    4. 6.Guidance: procedure, etc.

  4. PART 3 Enforcement

    1. CHAPTER 1 Penalties

      1. 7.Financial penalties

      2. 8.Statement of policy

      3. 9.Statement of policy: procedure

    2. CHAPTER 2 Public censure

      1. 10.Public censure

    3. CHAPTER 3 Financial penalties and public censure: procedure

      1. 11.Warning notice

      2. 12.Decision notice

      3. 13.Duty on publication of statement

    4. CHAPTER 4 Financial penalties: supplemental

      1. 14.Deduction of enforcement costs, etc.

  5. PART 4 References and applications to a tribunal

    1. 15.Right to refer a decision to the Upper Tribunal

    2. 16.Hearings and appeals before the Upper Tribunal

    3. 17.Application to a court for an injunction

  6. PART 5 Information

    1. 18.Information gathering and investigations

  7. PART 6 Notices

    1. 19.Notices

    2. 20.Meaning of “consumer”

  8. PART 7 Offences

    1. 21.Offence of misleading FCA

    2. 22.Offences by bodies corporate

    3. 23.Proceedings for offences

  9. PART 8 Transitional Provisions

    1. CHAPTER 1 Advance applications

      1. 24.Advance application for registration as a credit rating agency

      2. 25.Assessment of whether an advance application is complete

      3. 26.Determination of an advance application

      4. 27.Effect of determining an advance application

    2. CHAPTER 2 Temporary registration

      1. 28.Temporary deemed registration under the CRA Regulation

      2. 29.Application of regulation 28

      3. 30.Conditions to be satisfied for regulation 28 to apply

      4. 31.Period during which regulation 28 is to apply

      5. 32.Cessation following a determination by the FCA

    3. CHAPTER 3 Registration conversion

      1. 33.Registration under the CRA Regulation

      2. 34.Application of regulation 33

      3. 35.Conditions to be satisfied for regulation 33 to apply

      4. 36.Notification for registration

      5. 37.Acknowledgement of receipt

      6. 38.FCA’s response

    4. CHAPTER 4 Certification conversion

      1. 39.Certification under the CRA Regulation

      2. 40.Application of regulation 39

      3. 41.Condition to be satisfied for regulation 39 to apply

      4. 42.Notification for certification

      5. 43.Acknowledgement of receipt

      6. 44.FCA’s response

    5. CHAPTER 5 General provision

      1. 45.Misleading the FCA: criminal offence

      2. 46.Offences by bodies corporate

      3. 47.Further information to be supplied by a person to whom regulation 28, 33 or 39 applies

      4. 48.Directions

      5. 49.Interpretation of Part 8

  10. PART 9 Amendment of subordinate legislation

    1. 50.Amendment of the Credit Rating Agencies Regulations 2010

  11. PART 10 Amendment of retained direct EU legislation

    1. 51.Amendment of Regulation (EC) No 1060/2009

    2. 52.In Article 1— (a) after “This Regulation introduces a”, omit...

    3. 53.In Article 2— (a) in paragraph 1, for “Union”, substitute...

    4. 54.In Article 3— (a) for paragraph 1 substitute— For the purpose of this Regulation: ‘alternative investment fund manager’...

    5. 55.In Article 4— (a) in paragraph 1, 2, 3 and...

    6. 56.In Article 5— (a) in paragraph 1—

    7. 57.In Article 5a, paragraph 2, for “Sectorial competent authorities”, substitute...

    8. 58.Omit Article 5b.

    9. 59.For Article 5c substitute— Without prejudice to its right of initiative, the Treasury shall...

    10. 60.In Article 6, in paragraph 3, in each place it...

    11. 61.In Article 6b, omit paragraph 6.

    12. 62.In Article 8— (a) in paragraph 6, point (aa), for...

    13. 63.In Article 8a— (a) in paragraph 1, for “Member State”,...

    14. 64.In Article 8b— (a) for “the Union” substitute “the United...

    15. 65.In Article 8d, for “ESMA”, in each place it occurs,...

    16. 66.In Article 9, for “ESMA”, substitute “the FCA”.

    17. 67.In Article 10— (a) in paragraph 2a—

    18. 68.In Article 11, in paragraph 2— (a) in the first...

    19. 69.In Article 11a— (a) in the heading, for “European rating...

    20. 70.In Article 14— (a) in paragraph 1, for “Union” substitute...

    21. 71.In Article 15— (a) in paragraph 1 and 2, for...

    22. 72.In Article 16— (a) in the heading, for “ESMA” substitute...

    23. 73.In Article 17— (a) in the heading, for “ESMA” substitute...

    24. 74.For Article 18 substitute— Article 18 Notification of decisions Within 5 working days of the adoption of a decision...

    25. 75.After Article 18 insert— Article 18A Upper Tribunal Subject to paragraph 2, a credit rating agency may refer...

    26. 76.Omit Article 19.

    27. 77.For Article 20 substitute— Article 20 Withdrawal of registration Without prejudice to Article 24, the FCA may on its...

    28. 78.In the heading to Chapter 2, for “ESMA”, substitute “the...

    29. 79.In Article 21— (a) for the heading substitute “The FCA”;...

    30. 80.Omit Article 22.

    31. 81.In Article 22a, in paragraphs 1 and 2, for “ESMA”,...

    32. 82.In Article 23, for “ESMA, the Commission or any public...

    33. 83.Omit Articles 23a to 23e.

    34. 84.For Article 24 substitute— Article 24 Supervisory measures Where it appears to the FCA that a credit rating...

    35. 85.Omit Articles 25 and 25a.

    36. 86.For the heading to Chapter 3 substitute “Professional secrecy”.

    37. 87.Omit Article 26 and 27.

    38. 88.Omit Article 30 and 31.

    39. 89.In Article 32— (a) in paragraph 1—

    40. 90.In Article 34— (a) for “ESMA”, where first occurring, substitute...

    41. 91.In Article 35— (a) for “ESMA”, where first occurring, substitute...

    42. 92.In Article 35a— (a) in paragraph 2, in the second...

    43. 93.For the heading to Title 4 substitute “Amendment to Annexes”....

    44. 94.Omit Articles 36 to 36e.

    45. 95.In Article 37— (a) for “the Commission” substitute “the Treasury”;...

    46. 96.Omit Articles 38 to 41.

    47. 97.In Annex 1— (a) for “ESMA”, in each place it...

    48. 98.In Annex 2, in point 1 for “Union” substitute “United...

    49. 99.In Annex 3— (a) omit the heading;

    50. 100.Omit Annex 4.

    51. 101.Revocation of Commission Delegated Regulation (EU) No. 272/2012

    52. 102.Revocation of Commission Delegated Regulation (EU) No. 946/2012

  12. Signature

  13. Explanatory Note

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