OpenLegislation

The Credit Rating Agencies Regulations 2010

S.I. 2010/906 · Made 22 March 2010 · Extends to United Kingdom

Not fully up to date. 1 change made by later legislation has not yet been written into this text, which is revised to 11 July 2023.

See the changes not yet applied
ProvisionChangeMade by
RegulationsrevokedFinancial Services and Markets Act 2023 Sch. 1 Pt. 2

Financial Services And Markets

Made 22nd March 2010

Laid before Parliament 23rd March 2010

Coming into force 7th June 2010

C1The Treasury are a government department designated for the purposes of section 2(2) of the European Communities Act 1972M1 in relation to—

(a)

credit ratings and credit rating agenciesM2;

(b)

credit and financial institutions and the taking of deposits or other repayable funds from the publicM3; and

(c)

measures relating to investment firms and to the provision of investment servicesM4.

The Treasury, in exercise of the powers conferred by section 2(2) of the European Communities Act 1972 and section 349(1)(b) of the Financial Services and Markets Act 2000 M5, make the following Regulations:

Annotations to the whole text

Marginal citations

M1

1972 c.68; section 2(2) was amended by section 27(1)(a) of the Legislative and Regulatory Reform Act 2006 (c.51) and by the Schedule to the European Union (Amendment) Act 2008 (c.7).

M2

S.I. 2009/3214.

M3

S.I. 2001/3495.

M4

S.I. 1993/2661.

M5

2000 c. 8.

Modifications

C1

Regulations: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)

Contents

  1. Part 1: General
  2. 1Citation and commencement
  3. 2Interpretation
  4. Part 2: The Financial Conduct Authority
  5. 3Designation of competent authority
  6. 4Fees Repealed
  7. 5Disclosure of confidential information
  8. 6Guidance
  9. 7Miscellaneous
  10. Part 3: Applications for certification and registration Repealed
  11. 8Language for applications Repealed
  12. 9Approval decisions Repealed
  13. 10Refusal decisions Repealed
  14. Part 4: Investigatory Powers Repealed
  15. 11Application of this Part Repealed
  16. 12Interpretation of this Part Repealed
  17. 13Information and documents Repealed
  18. 14Reports by skilled persons Repealed
  19. 15Investigations Repealed
  20. 16Investigators: powers and evidence Repealed
  21. 17Information and documents: supplemental provisions Repealed
  22. 18Entry of premises under warrant Repealed
  23. Part 5: Supervisory measures Repealed
  24. 19Appropriate measures Repealed
  25. 20Injunctions Repealed
  26. Part 6: Penalties and offences Repealed
  27. 21Financial penalties Repealed
  28. 22Statements of policy Repealed
  29. 23Publication of penalties Repealed
  30. 24Offences relating to investigatory powers Repealed
  31. 25Offence of misleading the Authority Repealed
  32. 26Offences by bodies corporate etc Repealed
  33. 27Proceedings for offences Repealed
  34. 28Unincorporated associations Repealed
  35. Part 7: Appeals Repealed
  36. 29Appeals Repealed
  37. Part 8: Notices Repealed
  38. 30Application of Part 26 of the Act Repealed
  39. Part 9: Capital Requirements Regulations 2006
  40. 31Amendments to the Capital Requirements Regulations 2006 Repealed
  41. Part 10: ESMA: investigatory powers
  42. 32Records of telephone and data traffic: Article 23c(1)(e) of the EC Regulation Repealed
  43. 33Inspections: Article 23d of the EC Regulation Repealed
  44. 34Offences: Article 23d inspections Repealed
  45. Signature
  46. Explanatory note

1Citation and commencement

These Regulations may be cited as the Credit Rating Agencies Regulations 2010 and shall come into force on 7th June 2010.

2Interpretation

(1)

In these Regulations—

  • “the Act” means the Financial Services and Markets Act 2000;

  • F1...

  • “the EC Regulation” means Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies M1 F2, as amended by Regulation (EU) No. 513/2011 of the European Parliament and of the Council of 11 May 2011 amending Regulation (EC) No. 1060/2009 on credit rating agencies ;

  • F3...

  • F4“the FCA” means the Financial Conduct Authority.

  • “overseas competent authority” means an authority designated by a Member State other than the United Kingdom in accordance with Article 22(1) of the EC Regulation (competent authorities);

  • “protected item” has the same meaning as in section 413 of the Act (protected items).

(2)

Expressions used in these Regulations which are listed in Article 3 of the EC Regulation (definitions) have the meaning given in that Article.

3Designation of competent authority

F1The FCA is the competent authority for the purposes of the EC Regulation.

4FeesF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5Disclosure of confidential information

Section 348(1) of the Act (restrictions on disclosure of confidential information by F1FCA, PRA etc) does not prevent the F2FCA from disclosing confidential information where the disclosure is permitted by the EC Regulation.

6Guidance

(1)

The F1FCA may give guidance consisting of such information and advice as it considers appropriate with respect to any matter relating to the functions of the FCA under the EC Regulation.

(2)

The FCA may—

(a)

publish its guidance;

(b)

offer copies of its published guidance for sale at a reasonable price;

(c)

if it gives guidance in response to a request made by any person, make a reasonable charge for that guidance.

7Miscellaneous

The functions of the F1FCA under the EC Regulation are to be treated for the purposes of F2Part 1 (general) and paragraphs 16 (status) and 33 (exemption from liability in damages) of Schedule 1ZA to the Act as functions conferred on the FCA under the Act.

8Language for applicationsF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9Approval decisionsF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10Refusal decisionsF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11Application of this PartF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12Interpretation of this PartF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13Information and documentsF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14Reports by skilled personsF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15InvestigationsF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16Investigators: powers and evidenceF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17Information and documents: supplemental provisionsF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18Entry of premises under warrantF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19Appropriate measuresF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20InjunctionsF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21Financial penaltiesF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22Statements of policyF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23Publication of penaltiesF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24Offences relating to investigatory powersF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25Offence of misleading the AuthorityF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26Offences by bodies corporate etcF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27Proceedings for offencesF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28Unincorporated associationsF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

29AppealsF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30Application of Part 26 of the ActF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

31Amendments to the Capital Requirements Regulations 2006F1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

32Records of telephone and data traffic: Article 23c(1)(e) of the EC RegulationF2F1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

33Inspections: Article 23d of the EC RegulationF2F1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

34Offences: Article 23d inspectionsF2F1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Signature

Bob Blizzard

Dave Watts

Two of the Lords Commissioners of Her Majesty's Treasury

Explanatory note

(This note is not part of the Regulations)

These Regulations implement Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (“the EC Regulation”) (OJ L 302, 17.11.2209, p. 1).

The EC Regulation establishes a registration system for credit rating agencies, and requires registered agencies to comply with various provisions relating to independence, conflicts of interest, employees and analysts, methodologies and models, outsourcing, and disclosure and presentation of information. Specified financial institutions may only use credit ratings for regulatory purposes if they have been issued or endorsed by a registered credit rating agency, or issued by an overseas agency that has been certified in accordance with the EC Regulation.

Part 2 of the Regulations designates the Financial Services Authority (“the Authority”) as the competent authority in the United Kingdom for the purposes of the EC Regulation.

Part 3 makes provision relating to applications for certification and registration.

Part 4 makes provision for the investigatory powers of the Authority.

Part 5 provides powers for the Authority to take action where a credit rating agency breaches obligations arising from the EC Regulation.

Part 6 creates penalties and offences which may apply if a person breaches a requirement of the EC Regulation or these Regulations.

Part 7 makes provision for appeals and Part 8 provides for notices.

Part 9 amends the Capital Requirements Regulations 2006 (S.I. 2006/3221) to implement Article 2(3) of the EC Regulation in relation to external credit assessment institutions.

An Impact Assessment of the effect of these Regulations is available on HM Treasury's website (www.hm-treasury.gov.uk) and is annexed to the Explanatory Memorandum which is available alongside these Regulations on the OPSI website (www.opsi.gov.uk).