Regulation 75 I1

After Article 18 insert—

“Article 18A

Upper Tribunal

1

Subject to paragraph 2, a credit rating agency may refer to the Upper Tribunal the FCA's decision to:

(a)

refuse to register the credit rating agency under Article 16 or 17,

(b)

exercise its power under Article 20(1) or 20(2) to withdraw the registration of a credit rating agency,

(c)

refuse the credit rating agency's application under Article 20(3) to withdraw its registration, or

(d)

give a direction under Article 24(1).

2

Where there is a review under Article 18(7), paragraph 1 applies in relation to the new decision only.”