- Y Diweddaraf sydd Ar Gael (Diwygiedig)
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The Credit Rating Agencies Regulations 2010
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- Offerynnau Statudol y Deyrnas Unedig
- 2010 No. 906
- Explanatory Note
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- 07/06/2010- Amendment
- 07/06/2010
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The Credit Rating Agencies Regulations 2010 is up to date with all changes known to be in force on or before 27 September 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Explanatory Note
(This note is not part of the Regulations)
These Regulations implement Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (“the EC Regulation”) (OJ L 302, 17.11.2209, p. 1).
The EC Regulation establishes a registration system for credit rating agencies, and requires registered agencies to comply with various provisions relating to independence, conflicts of interest, employees and analysts, methodologies and models, outsourcing, and disclosure and presentation of information. Specified financial institutions may only use credit ratings for regulatory purposes if they have been issued or endorsed by a registered credit rating agency, or issued by an overseas agency that has been certified in accordance with the EC Regulation.
Part 2 of the Regulations designates the Financial Services Authority (“the Authority”) as the competent authority in the United Kingdom for the purposes of the EC Regulation.
Part 3 makes provision relating to applications for certification and registration.
Part 4 makes provision for the investigatory powers of the Authority.
Part 5 provides powers for the Authority to take action where a credit rating agency breaches obligations arising from the EC Regulation.
Part 6 creates penalties and offences which may apply if a person breaches a requirement of the EC Regulation or these Regulations.
Part 7 makes provision for appeals and Part 8 provides for notices.
Part 9 amends the Capital Requirements Regulations 2006 (S.I. 2006/3221) to implement Article 2(3) of the EC Regulation in relation to external credit assessment institutions.
An Impact Assessment of the effect of these Regulations is available on HM Treasury's website (www.hm-treasury.gov.uk) and is annexed to the Explanatory Memorandum which is available alongside these Regulations on the OPSI website (www.opsi.gov.uk).
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