Section 309Z8 Power to apply this Chapter to credit rating agenciesF1

The Treasury may by regulations provide for this Chapter, or any provision of this Chapter, to apply (with or without modifications) in relation to—

Regulations under subsection (1) must provide for the FCA to be the appropriate regulator in relation to a registered credit rating agency to which any provision of this Chapter is applied by the regulations.

Regulations under subsection (1) may modify legislation (including any provision of, or made under, this Act).

Before making regulations under subsection (1), the Treasury must consult—

In this section—

• “legislation” means primary legislation, subordinate legislation (within the meaning of the Interpretation Act 1978) and F2assimilated direct legislation, but does not include rules or other instruments made by any regulator;

• “modify” includes amend, repeal or revoke;

• “registered credit rating agency” means a credit rating agency registered in accordance with Regulation (EC) No 1060/2009 of the European Parliament and the Council of 16 September 2009 on credit rating agencies.