Article 2 Scope

United Kingdom

This Regulation applies to credit ratings issued by credit rating agencies registered in the F1United Kingdom and which are disclosed publicly or distributed by subscription.

This Regulation does not apply to:

(a)

private credit ratings produced pursuant to an individual order and provided exclusively to the person who placed the order and which are not intended for public disclosure or distribution by subscription;

(b)

credit scores, credit scoring systems or similar assessments related to obligations arising from consumer, commercial or industrial relationships;

(c)

credit ratings produced by export credit agencies in accordance with F2Article 114 and Article 137 of Regulation (EU) No 575/2013; or

(d)

credit ratings produced by F3central banks and which:

(i)
are not paid for by the rated entity;
(ii)
are not disclosed to the public;
(iii)
are issued in accordance with the principles, standards and procedures which ensure the adequate integrity and independence of credit rating activities as provided for by this Regulation; and
(iv)
do not relate to financial instruments issued by the F4United Kingdom Government.

F53.

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

In order to ensure the uniform application of paragraph 2(d), F6the Treasury may, F7... in accordance with paragraph 2(d) of this Article, adopt a decision stating that a central bank falls within the scope of that point and that its credit ratings are therefore exempt from the application of this Regulation.

The Treasury shall publish on its website the list of central banks falling within the scope of paragraph 2(d) of this Article.

Annotations

Textual amendments

F1: Words in Art. 2(1) substituted (31.12.2020) by The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 53(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2: Words in Art. 2(2)(c) substituted (31.12.2020) by The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 53(b)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3: Words in Art. 2(2)(d) substituted (31.12.2020) by The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 53(b)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F4: Words in Art. 2(2)(d)(iv) substituted (31.12.2020) by The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 53(b)(iii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F5: Deleted by Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 amending Directives 2003/71/EC and 2009/138/EC and Regulations (EC) No 1060/2009, (EU) No 1094/2010 and (EU) No 1095/2010 in respect of the powers of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority).
F6: Words in Art. 2(4) substituted (31.12.2020) by The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 53(c)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F7: Words in Art. 2(4) omitted (31.12.2020) by virtue of The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 53(c)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)