Part XVIII

Recognised investment exchanges, clearing houses , CSDs and other parties
CHAPTER 2A

Performance of functions of recognised bodies

Application of this Chapter to credit rating agencies

Power to apply this Chapter to credit rating agencies
309Z8
1
The Treasury may by regulations provide for this Chapter, or any provision of this Chapter, to apply (with or without modifications) in relation to—
a
registered credit rating agencies, or
b
registered credit rating agencies of descriptions specified in the regulations.
2
Regulations under subsection
(1)
must provide for the FCA to be the appropriate regulator in relation to a registered credit rating agency to which any provision of this Chapter is applied by the regulations.
3
Regulations under subsection
(1)
may modify legislation (including any provision of, or made under, this Act).
4
Before making regulations under subsection
(1)
, the Treasury must consult—
a
the FCA, and
b
such other persons who appear to the Treasury to be representative of persons likely to be affected by the application of this Chapter to registered credit rating agencies, or registered credit rating agencies of descriptions specified in the regulations.
5
In this section—
- “
legislation
” means primary legislation, subordinate legislation (within the meaning of the Interpretation Act 1978) and
assimilated direct
legislation, but does not include rules or other instruments made by any regulator;
- “
modify
” includes amend, repeal or revoke;
- “
registered credit rating agency
” means a credit rating agency registered in accordance with Regulation
(EC) No 1060/2009
of the European Parliament and the Council of 16 September 2009 on credit rating agencies.
Pt. 18 applied in part (with modifications) (12.12.2011) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), reg. 7, Sch. 2 (as amended (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 37 (with regs. 7(4), 9(1)))
Pt. 18 heading substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 2(8) (with regs. 7(4), 9(1))
Words in s. 309Z8(5) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 44(4)(r)
Words in Pt. 18 heading substituted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 18(2), 86(3); S.I. 2023/779, reg. 4(m)
Pt. 18 Ch. 2A inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 1