39.—(1) Notwithstanding Article 5 of the CRA Regulation, a person to whom this regulation applies is, on and after [F1IP completion day], a certified credit rating agency for the purposes of the CRA Regulation.
(2) Reference in an enactment to a person certified under the CRA Regulation, however expressed, includes a person certified by virtue of this regulation.
Textual Amendments
F1Words in reg. 39 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 11(g)
Commencement Information
I1Reg. 39 in force at 14.2.2019, see reg. 1(2)
40. Regulation 39 applies to a credit rating agency who—
(a)satisfies the condition in regulation 41, and
(b)notifies the FCA in accordance with regulation 42.
Commencement Information
I2Reg. 40 in force at 14.2.2019, see reg. 1(2)
41. The condition is that the credit rating agency is, immediately before [F2IP completion day], certified in accordance with Article 5.2 of the CRA Regulation.
Textual Amendments
F2Words in reg. 41 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 11(h)
Commencement Information
I3Reg. 41 in force at 14.2.2019, see reg. 1(2)
42.—(1) The person must, no later than the final day, notify the FCA that the person wishes to be certified in accordance with regulation 39.
(2) For the purposes of paragraph (1), the notification must—
(a)be made in such manner, and
(b)contain, or be accompanied by, such information,
as the FCA may direct.
(3) For the purposes of paragraph (1), the final day is—
(a)the day before the day on which [F3IP completion day] occurs, or
(b)such earlier day as the FCA may direct.
Textual Amendments
F3Words in reg. 42 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 11(i)
Commencement Information
I4Reg. 42 in force at 14.2.2019, see reg. 1(2)
43. The FCA must, before the end of a period of 10 working days beginning with the day on which it receives a notification under regulation 42, send the person making the notification an acknowledgment of receipt.
Commencement Information
I5Reg. 43 in force at 14.2.2019, see reg. 1(2)
44. The FCA must, before the end of a period of 20 working days beginning with the day on which it receives a notification under regulation 42—
(a)if it considers that the notification complies with the requirements of, or made under, that regulation, confirm in writing to the person making the notification that the notification is valid;
(b)if it considers that the notification does not comply with those requirements—
(i)confirm in writing to the person making the notification that the notification is not valid, and
(ii)where applicable, inform the person of the steps which need to be taken, and the time within which they need to be taken, for the notification to be considered valid.
Commencement Information
I6Reg. 44 in force at 14.2.2019, see reg. 1(2)