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Article 17 Examination of the applications for registration of a group of credit rating agencies by the FCAF1F6

United Kingdom

Original text. Later amendments are not shown.

1.

F2The FCA shall, within 55 working days of the notification referred to in the second subparagraph of Article 15(4), examine the applications for registration of a group of credit rating agencies based on the compliance of those credit rating agencies with the conditions set out in this Regulation.

2.

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

(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 55 working days of the notification as referred to in the second subparagraph of Article 15(4), or within 70 working days thereof where paragraph 2 of this Article applies, F4the FCA shall adopt a fully reasoned individual decision to register or refuse registration for each credit rating agency of the group.

4.

The decision adopted by F5the 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. 17(1) substituted (31.12.2020) by The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 73(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F3

Words in Art. 17(2) substituted (31.12.2020) by The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 73(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F4

Words in Art. 17(3) substituted (31.12.2020) by The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 73(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F5

Words in Art. 17(4) substituted (31.12.2020) by The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 73(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F6

Words in Art. 17 heading substituted (31.12.2020) by The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 73(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)