- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
29.—(1) If the Authority—
(a)adopts a refusal decision in respect of an application for certification submitted by a credit rating agency under Article 5(2) of the EC Regulation;
(b)adopts a refusal decision in respect of an application for an exemption under Article 5(4) or Article 6(3) (independence and avoidance of conflicts of interest) of the EC Regulation;
(c)adopts a refusal decision in respect of an application for registration submitted by a credit rating agency under Article 15 of the EC Regulation;
(d)withdraws the certification or registration of a credit rating agency under Article 20(1) of the EC Regulation (withdrawal of registration);
(e)takes action against a person under paragraphs (a) to (e) of Article 24(1), or paragraphs (a) to (c) of Article 25(1), of the EC Regulation;
(f)gives a credit rating agency a direction under regulation 19(1)(a); or
(g)imposes a penalty on a person under regulation 21,
the credit rating agency or the person concerned may refer the matter to the Upper Tribunal.
(2) Where a reference is made to the Upper Tribunal by a credit rating agency under paragraph (1)(a) or (c), and an overseas competent authority does not agree to the certification or registration of the agency, the Upper Tribunal is not required to determine for the purposes of section 133(5)(1) of the Act that the Authority must adopt a refusal decision.
Section 133 was amended by article 5 of, and paragraph 45 of Schedule 2 to, the Transfer of Tribunal Functions Order 2010 (S.I. 2010/22); by virtue of article 1(2)(e) of the Order, paragraph 45 comes into force on 6th April 2010.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: