The Credit Rating Agencies Regulations 2010

• Citation: S.I. 2010/906
• Sections: 34

Section 1 Citation and commencement

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

Section 2 Interpretation

(1) In these Regulations—

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

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“ 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 ;

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“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.

Section 3 Designation of competent authority

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

Section 4 Fees

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Section 5 Disclosure of confidential information

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.

Section 6 Guidance

(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.

Section 7 Miscellaneous

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.

Section 8 Language for applications

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Section 9 Approval decisions

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Section 10 Refusal decisions

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Section 11 Application of this Part

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Section 12 Interpretation of this Part

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Section 13 Information and documents

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Section 14 Reports by skilled persons

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Section 15 Investigations

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Section 16 Investigators: powers and evidence

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Section 17 Information and documents: supplemental provisions

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Section 18 Entry of premises under warrant

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Section 19 Appropriate measures

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Section 20 Injunctions

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Section 21 Financial penalties

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Section 22 Statements of policy

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Section 23 Publication of penalties

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Section 24 Offences relating to investigatory powers

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Section 25 Offence of misleading the Authority

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Section 26 Offences by bodies corporate etc

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Section 27 Proceedings for offences

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Section 28 Unincorporated associations

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Section 29 Appeals

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Section 30 Application of Part 26 of the Act

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Section 31 Amendments to the Capital Requirements Regulations 2006

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Section 32 Records of telephone and data traffic: Article 23c(1)(e) of the EC Regulation

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Section 33 Inspections: Article 23d of the EC Regulation

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Section 34 Offences: Article 23d inspections

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