The Credit Rating Agencies Regulations 2010

Made: 22nd March 2010

Laid before Parliament: 23rd March 2010

Coming into force: 7th June 2010

The Treasury, in exercise of the powers conferred by section 2(2) of the European Communities Act 1972 and section 349(1)(b) of the Financial Services and Markets Act 2000 , make the following Regulations:

PART 1 — General

Citation and commencement

1

These Regulations may be cited as the Credit Rating Agencies Regulations 2010 and shall come into force on 7th June 2010.

Interpretation

2

• (1) In these Regulations—

• “the Act” means the Financial Services and Markets Act 2000;

• ...

• “the EC Regulation” means Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies , as amended 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 ;

• ...

• “the FCA” means the Financial Conduct Authority.

• “overseas competent authority” means an authority designated by a Member State other than the United Kingdom in accordance with Article 22(1) of the EC Regulation (competent authorities);

• “protected item” has the same meaning as in section 413 of the Act (protected items).

• (2) Expressions used in these Regulations which are listed in Article 3 of the EC Regulation (definitions) have the meaning given in that Article.

PART 2 — The Financial Conduct Authority

Designation of competent authority

3

The FCA is the competent authority for the purposes of the EC Regulation.

Fees

4

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Disclosure of confidential information

5

Section 348(1) of the Act (restrictions on disclosure of confidential information by FCA, PRA etc) does not prevent the FCA from disclosing confidential information where the disclosure is permitted by the EC Regulation.

Guidance

6

• (1) The FCA may give guidance consisting of such information and advice as it considers appropriate with respect to any matter relating to the functions of the FCA under the EC Regulation.

• (2) The FCA may—

• (a) publish its guidance;

• (b) offer copies of its published guidance for sale at a reasonable price;

• (c) if it gives guidance in response to a request made by any person, make a reasonable charge for that guidance.

Miscellaneous

7

The functions of the FCA under the EC Regulation are to be treated for the purposes of Part 1 (general) and paragraphs 16 (status) and 33 (exemption from liability in damages) of Schedule 1ZA to the Act as functions conferred on the FCA under the Act.

PART 3 — Applications for certification and registration

Language for applications

8

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Approval decisions

9

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Refusal decisions

10

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PART 4 — Investigatory Powers

Application of this Part

11

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Interpretation of this Part

12

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Information and documents

13

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Reports by skilled persons

14

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Investigations

15

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Investigators: powers and evidence

16

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Information and documents: supplemental provisions

17

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Entry of premises under warrant

18

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PART 5 — Supervisory measures

Appropriate measures

19

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Injunctions

20

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PART 6 — Penalties and offences

Financial penalties

21

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Statements of policy

22

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Publication of penalties

23

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Offences relating to investigatory powers

24

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Offence of misleading the Authority

25

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Offences by bodies corporate etc

26

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Proceedings for offences

27

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Unincorporated associations

28

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PART 7 — Appeals

Appeals

29

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PART 8 — Notices

Application of Part 26 of the Act

30

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PART 9 — Capital Requirements Regulations 2006

Amendments to the Capital Requirements Regulations 2006

31

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Signed

Bob Blizzard — Dave Watts — Two of the Lords Commissioners of Her Majesty's Treasury — 2010-03-22

Explanatory note

(This note is not part of the Regulations)

Footnotes

[^f00001]: 1972 c.68; section 2(2) was amended by section 27(1)(a) of the Legislative and Regulatory Reform Act 2006 (c.51) and by the Schedule to the European Union (Amendment) Act 2008 (c.7).

[^f00002]: S.I. 2009/3214.

[^f00003]: S.I. 2001/3495.

[^f00004]: S.I. 1993/2661.

[^f00005]: 2000 c. 8.

[^f00006]: OJ L 302, 17.11.2009, p. 1.

[^f00007]: Paragraph 10 was amended by article 3(1) of, and paragraph 213 of Part 2 of Schedule 1 to, the Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948); there are other amendments to Part 1 which are not relevant to these Regulations.

[^f00008]: 1988 c. 36.

[^f00009]: 1984 c. 60; subsections (5) to (8) of section 15 were amended by sections 113 and 114 of the Serious Organised Crime and Police Act 2005 (c. 15) and article 7 of the Serious Organised Crime and Police Act 2005 (Amendment) Order 2005 (S.I. 2005/3496); section 16 was amended by section 109(1) of, and paragraph 281 of Schedule 8 to, the Courts Act 2003 (c. 39), section 2 of the Criminal Justice Act 2003 (c. 44), sections 113 and 114 of the Serious Organised Crime and Police Act 2005 and article 8 of the Serious Organised Crime and Police Act 2005 (Amendment) Order 2005.

[^f00010]: S.I. 1989 No. 1341 (N.I. 12); article 17 was amended by article 9 of the Police and Criminal Evidence (Amendment) (Northern Ireland) Order 2007 (S.I. 2007 No. 288 (N.I. 2)).

[^f00011]: 2002 c. 26.

[^f00012]: Section 133 was amended by article 5 of, and paragraph 45 of Schedule 2 to, the Transfer of Tribunal Functions Order 2010 (S.I. 2010/22); by virtue of article 1(2)(e) of the Order, paragraph 45 comes into force on 6th April 2010.

[^f00013]: Section 394(7) was amended by section 82(1) of, and paragraph 11 of Schedule 4 to, the Regulation of Investigatory Powers Act 2000 (c..23); there are amendments to section 395(13), but they are not relevant to these Regulations.

[^f00014]: S.I. 2006/3221.

Editorial notes

[^c20220951]: 2000 c. 8.

[^c20220961]: OJ L 302, 17.11.2009, p. 1.

[^key-88b826eaac3f18baf53f0c60573d9d34]: Pt. 10 inserted (1.7.2011) by The Credit Rating Agencies (Amendment) Regulations 2011 (S.I. 2011/1435), regs. 1, 4(e)

[^key-0884648e9025bea14843952f89f8d63b]: Pts. 3-8 omitted (1.7.2011) by virtue of The Credit Rating Agencies (Amendment) Regulations 2011 (S.I. 2011/1435), regs. 1, 4(d)

[^key-13dfd248e278f24048e0f3a6884a36a3]: Words in reg. 2(1) inserted (1.7.2011) by The Credit Rating Agencies (Amendment) Regulations 2011 (S.I. 2011/1435), regs. 1, 4(a)(i)

[^key-c032fd25cfacb823bbbc85590b802b0d]: Reg. 4 omitted (1.7.2011) by virtue of The Credit Rating Agencies (Amendment) Regulations 2011 (S.I. 2011/1435), regs. 1, 4(b) (with reg. 5)

[^key-2f0944765746eb5cc637926fc7812fd0]: Words in Pt. 2 heading substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 188(b)

[^key-995c2b0a90f81f0ec82d1112e1887d96]: Words in reg. 2(1) omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 188(a)(i)

[^key-0b76c2328e2ac55719e24016e06dd2ad]: Words in reg. 2(1) inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 188(a)(ii)

[^key-f79d07aadbe417f8a3a1746a11fafee0]: Words in reg. 3 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 188(c)

[^key-453020865eb4fed7b16b5a75091724f2]: Words in reg. 5 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 188(d)(i)

[^key-b7f4b59d0874d88541b69bcb71b2e206]: Word in reg. 5 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 188(d)(ii)

[^key-bc13adef1f5e74c11cd837338c962c42]: Word in reg. 6 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 188(e)

[^key-ec3b52d81af57e67c6829c644c9d3bcd]: Words in reg. 7 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 188(f)(i)

[^key-ece2a980be97461a89413a6048bc1bf6]: Words in reg. 7 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 188(f)(ii)

[^key-f2d616c823c2aff1767b0fca07fceebf]: Reg. 31 revoked (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 3

[^key-a4a8160bec958ab08c8342892de71f76]: Words in reg. 2(1) omitted (31.12.2020) by virtue of The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 50(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-1d759983cbfa8136e68b1089ee01e15b]: Regs. 32-34 omitted (31.12.2020) by virtue of The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266), regs. 1(3), 50(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-fb3adb32a3bf0079c9f8bd2644d0840d]: Regulations: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)

[^M_M_72422a78-26e3-4b72-cc36-4da1d226daa3]: 1972 c.68; section 2(2) was amended by section 27(1)(a) of the Legislative and Regulatory Reform Act 2006 (c.51) and by the Schedule to the European Union (Amendment) Act 2008 (c.7).

[^M_M_9d6685a0-472e-4dcc-acda-76e24dbde4c6]: S.I. 2009/3214.

[^M_M_2b6ccfcd-52bd-4214-fbea-114f1b8b1fbc]: S.I. 1993/2661.

[^M_M_c4b5fb11-9a14-4406-eb46-1e1ad21b8f9c]: S.I. 2001/3495.

PART 10 — ESMA: investigatory powers

Records of telephone and data traffic: Article 23c(1)(e) of the EC Regulation

32

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Inspections: Article 23d of the EC Regulation

33

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Offences: Article 23d inspections

34

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