Regulation 18 Information gathering and investigationsI1

United Kingdom

(1)

Part 11 of the Act (information gathering and investigations) applies F1as if references to an authorised person also included references to a person subject to requirements under these Regulations or the CRA Regulation, and subject to the following further modifications.

(2)

Section 165 (regulators' power to require information: authorised persons etc.) M1 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 F2person has outsourced operational functions (in accordance with Article 9 of that Regulation).”

(3)

Section 166A (appointment of skilled person to collect and update information) M2 applies as if, after subsection (1), there were inserted—

“(1A)
This section applies if the FCA considers that a F3person 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) M3 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”.

Annotations

Textual amendments

F1: Words in reg. 18(1) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 50(3)(a)
F2: Word in reg. 18(2)(b) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 50(3)(b)
F3: Word in reg. 18(3) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 50(3)(c)

Marginal citations

M1: Amended by paragraph 1 of Schedule 12 to the Financial Services Act 2012 (c. 21), paragraph 36 of Schedule 2 to the Bank of England and Financial Services Act 2016 (c. 14) and S.I. 2013/1773.
M2: Inserted by paragraph 6 of Schedule 12 to the Financial Services Act 2012 (c. 21).
M3: Amended by paragraph 33(4) of Schedule 7 to the Counter-Terrorism Act 2008 (c. 28), paragraph 16 of Schedule 2 to the Financial Services Act 2010 (c. 28), paragraph 8 of Schedule 12 to the Financial Services Act 2012 (c. 21), paragraph 11 of Schedule 3 to the Pension Schemes Act 2015 (c. 8), paragraph 18 of Schedule 3 to the Financial Guidance and Claims Act 2018 (c. 10), S.I. 2016/680, S.I. 2007/126, S.I. 2012/2554, S.I. 2013/1773, S.I. 2016/225 and S.I. 2017/1255.

Commencement

I1: Reg. 18 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Notes on the whole SI

Textual amendments

F1: Regulations revoked (1.1.2024 for the revocation of reg. 3(3)) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/779, reg. 5(c)(iii)