Statutory Instruments
2010 No. 906
Financial Services And Markets
The Credit Rating Agencies Regulations 2010
Made
22nd March 2010
Laid before Parliament
23rd March 2010
Coming into force
7th June 2010
The Treasury are a government department designated for the purposes of section 2(2) of the European Communities Act 1972 in relation to—
(a) credit ratings and credit rating agencies ;
(b) credit and financial institutions and the taking of deposits or other repayable funds from the public ; and
(c) measures relating to investment firms and to the provision of investment services .
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 , 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Approval decisions
9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Refusal decisions
10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART 4 Investigatory Powers
Application of this Part
11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interpretation of this Part
12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Information and documents
13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reports by skilled persons
14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investigations
15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investigators: powers and evidence
16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Information and documents: supplemental provisions
17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Entry of premises under warrant
18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART 5 Supervisory measures
Appropriate measures
19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Injunctions
20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART 6 Penalties and offences
Financial penalties
21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Statements of policy
22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Publication of penalties
23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Offences relating to investigatory powers
24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Offence of misleading the Authority
25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Offences by bodies corporate etc
26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceedings for offences
27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unincorporated associations
28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART 7 Appeals
Appeals
29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART 8 Notices
Application of Part 26 of the Act
30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART 9 Capital Requirements Regulations 2006
Amendments to the Capital Requirements Regulations 2006
31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PART 10 ESMA: investigatory powers
Records of telephone and data traffic: Article 23c(1)(e) of the EC Regulation
32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Inspections: Article 23d of the EC Regulation
33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Offences: Article 23d inspections
34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bob Blizzard
Dave Watts
Two of the Lords Commissioners of Her Majesty's Treasury