Statutory Instruments

2010 No. 906

Financial Services And Markets

The Credit Rating Agencies Regulations 2010_cross-notes

Made

22nd March 2010

Laid before Parliament

23rd March 2010

Coming into force

7th June 2010

^M1 The Treasury are a government department designated for the purposes of section 2(2) of the European Communities Act 1972 in relation to—

(a) ^M2 credit ratings and credit rating agencies ;

(b) ^M3 credit and financial institutions and the taking of deposits or other repayable funds from the public ; and

^M5 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;

^F1 ...

“ 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 ^M6[^F2 , 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 ^F2] ;

^F3 ...

[^F4 “the FCA ” means the Financial Conduct Authority. ^F4]

“ 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 [^F5 The Financial Conduct Authority ^F5]

Designation of competent authority

3.[^F6 The FCA^F6] is the competent authority for the purposes of the EC Regulation.

Fees

^F74. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disclosure of confidential information

5. Section 348(1) of the Act (restrictions on disclosure of confidential information by [^F8FCA , PRA etc ^F8] ) does not prevent the [^F9FCA^F9] from disclosing confidential information where the disclosure is permitted by the EC Regulation.

Guidance

6. —(1) The [^F10FCA^F10] may give guidance consisting of such information and advice as it considers appropriate with respect to any matter relating to the functions of the [^F10FCA^F10] under the EC Regulation.

(2) The [^F10FCA^F10] may—

(a) publish its guidance;

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

Miscellaneous

7. The functions of the [^F11FCA^F11] under the EC Regulation are to be treated for the purposes of [^F12 Part 1 (general) and paragraphs 16 (status) and 33 (exemption from liability in damages) of Schedule 1ZA ^F12] to the Act as functions conferred on the [^F11FCA^F11] under the Act.

^F13 PART 3 Applications for certification and registration

Language for applications

^F138. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Approval decisions

^F139. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Refusal decisions

^F1310. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F13 PART 4 Investigatory Powers

Application of this Part

^F1311. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interpretation of this Part

^F1312. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Information and documents

^F1313. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reports by skilled persons

^F1314. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Investigations

^F1315. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Investigators: powers and evidence

^F1316. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Information and documents: supplemental provisions

^F1317. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Entry of premises under warrant

^F1318. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F13 PART 5 Supervisory measures

Appropriate measures

^F1319. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Injunctions

^F1320. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F13 PART 6 Penalties and offences

Financial penalties

^F1321. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Statements of policy

^F1322. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Publication of penalties

^F1323. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Offences relating to investigatory powers

^F1324. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Offence of misleading the Authority

^F1325. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Offences by bodies corporate etc

^F1326. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceedings for offences

^F1327. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Unincorporated associations

^F1328. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F13 PART 7 Appeals

Appeals

^F1329. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F13 PART 8 Notices

Application of Part 26 of the Act

^F1330. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 9 Capital Requirements Regulations 2006

Amendments to the Capital Requirements Regulations 2006

^F1431. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[^F15 PART 10 ESMA: investigatory powers

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

^F1632. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Inspections: Article 23d of the EC Regulation

^F1633. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Offences: Article 23d inspections

^F1634. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ^F15]

Bob Blizzard

Dave Watts

Two of the Lords Commissioners of Her Majesty's Treasury

footnote	commentary	transitional and savings	related provisions	insert/omit
C1	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)
F1	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)			omitted
F2	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)			inserted
F3	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)	this amendment is subject to savings and/or transitional provisions, see the commentary.		omitted
F4	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)			inserted
F5	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)			substituted
F6	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)			substituted
F7	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 )		this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary.	omitted
F8	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)			substituted
F9	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)			substituted
F10	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)			substituted
F11	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)			substituted
F12	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)			substituted
F13	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)			omitted
F14	Reg. 31 revoked (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115) , reg. 1(2) , Sch. 3
F15	Pt. 10 inserted (1.7.2011) by The Credit Rating Agencies (Amendment) Regulations 2011 (S.I. 2011/1435) , regs. 1 , 4(e)			inserted
F16	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)	this amendment is subject to savings and/or transitional provisions, see the commentary.		omitted
F16	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)	this amendment is subject to savings and/or transitional provisions, see the commentary.		omitted
F16	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)	this amendment is subject to savings and/or transitional provisions, see the commentary.		omitted
M1	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) .
M2	S.I. 2009/3214 .
M3	S.I. 2001/3495 .
M4	S.I. 1993/2661 .
M5	2000 c. 8 .
M6	OJ L 302, 17.11.2009, p. 1.

Defined Term	Section/Article	ID
overseas competent authority	reg. 2. of PART 1	legTermRGmjbTQI
protected item	reg. 2. of PART 1	legTermdGsor5jh
the Act	reg. 2. of PART 1	legTermAXRojl2x
the EC Regulation	reg. 2. of PART 1	legTermCoc8OhZc

Defined Term

Section/Article

Scope of Application

overseas competent authority

reg. 2. of PART 1

legTermRGmjbTQI

protected item

reg. 2. of PART 1

legTermdGsor5jh

the Act

reg. 2. of PART 1

legTermAXRojl2x

the EC Regulation

reg. 2. of PART 1

legTermCoc8OhZc

2010 No. 906

The Credit Rating Agencies Regulations 2010cross-notes

PART 1 General

Citation and commencement

Interpretation

PART 2 [F5 The Financial Conduct Authority F5]

Designation of competent authority

Fees

Disclosure of confidential information

Guidance

Miscellaneous

F13 PART 3 Applications for certification and registration

Language for applications

Approval decisions

Refusal decisions

F13 PART 4 Investigatory Powers

Application of this Part

Interpretation of this Part

Information and documents

Reports by skilled persons

Investigations

Investigators: powers and evidence

Information and documents: supplemental provisions

Entry of premises under warrant

F13 PART 5 Supervisory measures

Appropriate measures

Injunctions

F13 PART 6 Penalties and offences

Financial penalties

Statements of policy

Publication of penalties

Offences relating to investigatory powers

Offence of misleading the Authority

Offences by bodies corporate etc

Proceedings for offences

Unincorporated associations

F13 PART 7 Appeals

Appeals

F13 PART 8 Notices

Application of Part 26 of the Act

PART 9 Capital Requirements Regulations 2006

Amendments to the Capital Requirements Regulations 2006

[F15 PART 10 ESMA: investigatory powers

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

Inspections: Article 23d of the EC Regulation

Offences: Article 23d inspections

Status of changes to instrument text

The Credit Rating Agencies Regulations 2010_cross-notes

PART 2 [^F5 The Financial Conduct Authority ^F5]

^F13 PART 3 Applications for certification and registration

^F13 PART 4 Investigatory Powers

^F13 PART 5 Supervisory measures

^F13 PART 6 Penalties and offences

^F13 PART 7 Appeals

^F13 PART 8 Notices

[^F15 PART 10 ESMA: investigatory powers