Regulation 13 Issuers: general approach to determining damagesI1
United Kingdom
The damages recoverable by an issuer in a claim under Article 35a are—
where the issuer, or a related third party, has entered into a contract with a credit rating agency to assign a credit rating in respect of such issuer or a financial instrument issued by such issuer, the damages recoverable by the issuer in accordance with that contract; or
where there is no such contract, the increase in the financing costs of the issuer resulting from the affected credit rating.
For the purpose of this regulation, “affected credit rating” means, where a credit rating agency has committed an infringement, the rating category that the credit rating agency assigned to the issuer or financial instrument, where such rating category is different to that which would have been assigned if the infringement had not occurred.
Annotations
Commencement
- I1
Reg. 13 in force at 25.7.2013, see reg. 1
Notes on the whole SI
Textual amendments
- F1
Regulations revoked (14.12.2023 for the revocation of reg. 18) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(v)