PART 5Information

Information gathering and investigations18

1

Part 11 of the Act (information gathering and investigations) applies in respect of a credit rating agency as it applies in respect of an authorised person under the Act17, subject as follows.

2

Section 165 (regulators’ power to require information: authorised persons etc.)18 applies as if—

a

in subsection (4), after paragraph (b) there were inserted—

, and

c

information and documents reasonably required in connection with the exercise by the FCA of functions conferred on it by or under—

i

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

ii

Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies.

b

in subsection (7), after paragraph (e) there were inserted—

f

by the FCA, to impose requirements on—

i

a rated entity (within the meaning of Article 3.1 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies);

ii

a related third party (within the meaning of Article 3.1 of that Regulation);

iii

a person connected with credit rating activities (within the meaning of Article 3.1 of that Regulation);

iv

a person to whom a credit rating agency has outsourced operational functions (in accordance with Article 9 of that Regulation).

3

Section 166A (appointment of skilled person to collect and update information)19 applies as if, after subsection (1), there were inserted—

1A

This section applies if the FCA considers that a credit rating agency has contravened a requirement imposed by or under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, to collect, and keep up to date, information of a description specified in that Regulation.

4

Section 168 (appointment of persons to carry out investigations in particular cases)20 applies as if, in subsection (2), after paragraph (c) there were inserted—

ca

a person has contravened a requirement imposed by or under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies; or