Regulation 6 “Reasonably relied”I1
United Kingdom
(1)
In Article 35a, an investor reasonably relies upon a credit rating where—
(a)
the investor relies upon a credit rating when making an investment decision, and
(b)
that reliance is reasonable.
(2)
The test for whether the reliance is reasonable is the same as for whether it is reasonable for a person to rely on a statement for the purposes of determining whether the statement gives rise to a duty of care in negligence.
Annotations
Commencement
- I1
Reg. 6 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)