PART 8Transitional Provisions
CHAPTER 2Temporary registration
Temporary deemed registration under the CRA Regulation28
1
A person to whom this regulation applies is to be treated as if the person is registered as a credit rating agency under Chapter 1 of Title 3 of the CRA Regulation.
2
Reference in an enactment to a person registered as a credit rating agency under that Chapter, however expressed, is to be read, unless the contrary intention appears, as including a person treated as being so registered by virtue of this regulation.
Application of regulation 2829
Regulation 28 applies to a person—
a
who satisfies the conditions in regulation 30;
b
for the period determined in accordance with regulation 31.
Conditions to be satisfied for regulation 28 to apply30
The conditions are—
a
the person is a body corporate which, immediately before exit day—
i
is incorporated under the law of any part of the United Kingdom, and
ii
is included within a group of undertakings which comprises a credit rating agency registered under Chapter 1 of Title 3 to the CRA Regulation;
Period during which regulation 28 is to apply31
1
For the purposes of regulation 29(b), the period is one that begins with exit day and ends with a day determined in accordance with paragraph (2).
2
The period ends—
a
after three years beginning with the day on which exit day occurs, or
b
if earlier, with the day—
i
before the day on which registration as a credit rating agency has effect;
ii
iii
on which the person ceases to be included within a group of undertakings which comprise a credit rating agency registered under Chapter 1 of Title 3 to the CRA Regulation, as that Regulation has effect in the European Union.
Cessation following a determination by the FCA32
1
The FCA may determine that regulation 28 should cease to apply to an applicant—
a
where, in respect of an advance application—
ii
the steps referred to in regulation 25(b)(ii) have not been taken within the time specified;
b
following a decision refusing registration in accordance with regulation 26(3);
c
at the request of the person to whom regulation 28 applies.
2
The FCA must notify the person in respect of whom the determination is made of the day on which regulation 28 will cease to apply.
3
Paragraph (1) is subject to Article 20 (withdrawal of registration) of the CRA Regulation.