Regulation 31 Period during which regulation 28 is to apply

(1)

For the purposes of regulation 29(b), the period is one that begins with exit day and ends with a day determined in accordance with paragraph (2).

(2)

The period ends—

(a)

after three years beginning with the day on which exit day occurs, or

(b)

if earlier, with the day—

(i)

before the day on which registration as a credit rating agency has effect;

(ii)

on which the FCA determines, in accordance with regulation 32(1), that regulation 28 should cease to apply, or

(iii)

on which the person ceases to be included within a group of undertakings which comprise a credit rating agency registered under Chapter 1 of Title 3 to the CRA Regulation, as that Regulation has effect in the European Union.