Information gathering and investigationsU.K.
This section has no associated Explanatory Memorandum
18.—(1) Part 11 of the Act (information gathering and investigations) applies [as if references to an authorised person also included references to a person subject to requirements under these Regulations or the CRA Regulation, and subject to the following further modifications].
(2) Section 165 (regulators' power to require information: authorised persons etc.) applies as if—
(a)in subsection (4), after paragraph (b) there were inserted—
“, and
(c)information and documents reasonably required in connection with the exercise by the FCA of functions conferred on it by or under—
(i)the Credit Rating Agencies (Amendment, etc.) (EU Exit) Regulations 2019, or
(ii)Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies.”;
(b)in subsection (7), after paragraph (e) there were inserted—
“(f)by the FCA, to impose requirements on—
(i)a rated entity (within the meaning of Article 3.1 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies);
(ii)a related third party (within the meaning of Article 3.1 of that Regulation);
(iii)a person connected with credit rating activities (within the meaning of Article 3.1 of that Regulation);
(iv)a person to whom a [person] has outsourced operational functions (in accordance with Article 9 of that Regulation).”
(3) Section 166A (appointment of skilled person to collect and update information) applies as if, after subsection (1), there were inserted—
“(1A) This section applies if the FCA considers that a [person] has contravened a requirement imposed by or under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, to collect, and keep up to date, information of a description specified in that Regulation.”
(4) Section 168 (appointment of persons to carry out investigations in particular cases) applies as if, in subsection (2), after paragraph (c) there were inserted—
“(ca)a person has contravened a requirement imposed by or under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies; or”.
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