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

PART 4 References and applications to a tribunal

Right to refer a decision to the Upper Tribunal

15.  If the FCA decides to—

(a) impose a penalty on a credit rating agency under regulation 7, or

(b) publish a statement in respect of a credit rating agency under regulation 10,

the credit rating agency may refer the matter to the Upper Tribunal.

Hearings and appeals before the Upper Tribunal

16.—(1) The following provisions of the Act apply in respect of a reference to the Upper Tribunal under—

(a) regulation 15, or

(b) the CRA Regulation(1),

as they apply in respect of such a reference under that Act.

(2) The provisions are—

(a) section 133 (proceedings before Tribunal: general provision)(2) as if, in subsection (7A), after paragraph (o), there were inserted—

“(p) a decision to impose a penalty under regulation 7 of the Credit Rating Agencies (Amendment, etc.) (EU Exit) Regulations 2019 (financial penalties);

(q) a decision to publish a statement under regulation 10 of those Regulations (public censure).”;

(b) section 133A (proceedings before Tribunal: decision and supervisory notices, etc)(3);

(c) section 133B (offences)(4).

Application to a court for an injunction

17.—(1) If, on the application of the FCA, a court is satisfied—

(a) that there is a reasonable likelihood that a credit rating agency will contravene a requirement imposed by or under these Regulations, or by or under the CRA Regulation, or

(b) that a credit rating agency has contravened such a requirement and that there is a reasonable likelihood that the contravention will continue or be repeated,

the court may make an order restraining (or in Scotland an interdict prohibiting) the contravention.

(2) If, on the application of the FCA, a court is satisfied—

(a) that a credit rating agency has contravened a requirement imposed by or under these Regulations or by or under the CRA Regulation, and

(b) that there are steps which could be taken for remedying the contravention,

the court may make an order requiring the credit rating agency, and any other person who appears to have been knowingly concerned in the contravention, to take such steps as the court may direct to remedy it.

(3) If, on the application of the FCA, a court is satisfied that a credit rating agency may have—

(a) contravened a requirement imposed by or under these Regulations or by or under the CRA Regulation, or

(b) been knowingly concerned in the contravention of such a requirement,

the court may make an order restraining (or in Scotland an interdict prohibiting) the credit rating agency from disposing of, or otherwise dealing with, any assets which it is satisfied the credit rating agency is reasonably likely to dispose of or otherwise deal with.

(4) The jurisdiction conferred by this regulation is exercisable by the High Court and the Court of Session.

(5) In paragraph (2), references to remedying a contravention include references to mitigating its effect.

(1)

See Article 18A of the CRA Regulation (inserted by regulation 75).

(2)

Substituted by S.I. 2010/22 and amended by section 23(2) of the Financial Services Act 2012 (c. 21), paragraph 83 of Schedule 9 to the Crime and Courts Act 2013 (c. 22), section 4(2) of the Financial Services (Banking Reform) Act 2013 (c. 33), S.I. 2013/1388, S.I. 2014/3329, S.I. 2016/680 and S.I. 2017/1064.

(3)

Inserted by S.I. 2010/22 and amended by section 23(3) of the Financial Services Act 2012 (c. 21).

(4)

Inserted by S.I. 2010/22 and amended by section 23(4) of the Financial Services Act 2012 (c. 21).