Regulation 55 Amendment of Regulation (EC) No 1060/2009

In Article 4—

(a)

in paragraph 1, 2, 3 and 4, for “Union”, in each place it occurs, substitute “United Kingdom”;

(b)

in paragraph 1, in the second sub-paragraph, for “regulated market” substitute “United Kingdom regulated market”;

(c)

after paragraph 1 insert—

“1A.

Without prejudice to the general effect of paragraph 37(1) of Schedule 8 to the EU Withdrawal Act 2018, credit institutions, investment firms, insurance undertakings, reinsurance undertakings, institutions for occupational retirement provision, management companies, investment companies, alternative investment fund managers and central counterparties may use, for the time period specified in paragraph 1B, a credit rating for regulatory purposes if:

(a)
the rating is or was issued or endorsed by a credit rating agency established in the Union which is part of a group in respect of which one of its undertakings—

(i)
is registered in the United Kingdom in accordance with this Regulation, or

(ii)
has made an advance application under regulation 24 of the Credit Rating Agencies (Amendment, etc.) (EU Exit) Regulations 2019 to be registered in the United Kingdom in accordance with this Regulation, and

(b)
the rating was issued or endorsed and not withdrawn immediately before exit day.

1B.

The specified time period is one year beginning with exit day.”;

(d)

in paragraph 3—

(i)

in point (b), for “the European Supervisory Authority (European Securities and Markets Authority) (ESMA) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council”, substitute “the FCA”;

(ii)

in point (c) and (d), for “ESMA”, in each place it occurs, substitute “the FCA”;

(iii)

in point (g), for “competent authorities”, substitute “third country competent authorities”;

(iv)

omit point (h);

(e)

in paragraph 6—

(i)

for “the Commission”, substitute “the Treasury”;

(ii)

omit “and the cooperation arrangements referred to in Article 5(7) are operational”.