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Article 16 Examination of the application for registration of a credit rating agency by the FCAF1F5

United Kingdom

Original text. Later amendments are not shown.

1.

F2The FCA shall, within 45 working days of the notification referred to in the second subparagraph of Article 15(4), examine the application for registration of a credit rating agency based on the compliance of the credit rating agency with the conditions set out in this Regulation.

2.

F3The FCA may extend the period of examination by 15 working days, in particular if the credit rating agency:

(a)

envisages endorsing credit ratings as referred to in Article 4(3);

(b)

envisages using outsourcing; or

(c)

requests exemption from compliance in accordance with Article 6(3).

3.

Within 45 working days of the notification referred to in the second subparagraph of Article 15(4), or within 60 working days thereof where paragraph 2 of this Article applies, F4the FCA shall adopt a fully reasoned decision to register or refuse registration.

4.

The decision adopted by the FCA pursuant to paragraph 3 shall take effect on the fifth working day following its adoption.

Annotations

Textual amendments

F1

Substituted 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 (Text with EEA relevance).

F2

Words in Art. 16(1) substituted (31.12.2020) by The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 72(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F3

Words in Art. 16(2) substituted (31.12.2020) by The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 72(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F4

Words in Art. 16(3)(4) substituted (31.12.2020) by The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 72(d) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F5

Words in Art. 16 heading substituted (31.12.2020) by The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 72(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)