http://www.legislation.gov.uk/uksi/2019/266/regulation/49/2020-01-31The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019texttext/xmlenEXITING THE EUROPEAN UNIONFINANCIAL SERVICES AND MARKETSStatute Law Database2024-10-01Expert Participation2020-01-31 These Regulations make amendments to retained EU law related to credit rating agencies to ensure that it continues to operate effectively in the United Kingdom once the United Kingdom has left the EU. In particular, they make provision for a function of an EU entity under retained EU law to be exercised instead by the Financial Conduct Authority (“the FCA”). As such, section 8(2)(b) of the European Union (Withdrawal) Act 2018 (c. 16) is relevant to these Regulations. PART 8 Transitional ProvisionsCHAPTER 5General provisionInterpretation of Part 8491In this Part—advance application” means an application submitted during the period—beginning with the day on which this Part comes into force, andending immediately before IP completion day;working day” means a day other than—a Saturday or a Sunday,Christmas Day or Good Friday, ora day which is a bank holiday under the Banking and Financial Dealings Act 1971 in any part of the United Kingdom.2In this Part, reference to a group of undertakings means a group consisting of—aa parent undertaking and its subsidiaries, within the meaning of Articles 1 and 2 of Directive 83/349/EEC of 13 June 1983 , andbundertakings linked to each other by a relationship mentioned in Article 12.1(a) or (b) of that Directive, whose occupation includes the issuing of credit ratings.1971 c. 80; amended by section 1 of the St Andrew's Day Bank Holiday (Scotland) Act 2007 (asp 2).O.J. L 193, 18.7.1983, p.1.Reg. 49 in force at 14.2.2019, see reg. 1(2)Words in reg. 49 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 11(j)
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<dc:description>These Regulations make amendments to retained EU law related to credit rating agencies to ensure that it continues to operate effectively in the United Kingdom once the United Kingdom has left the EU. In particular, they make provision for a function of an EU entity under retained EU law to be exercised instead by the Financial Conduct Authority (“the FCA”). As such, section 8(2)(b) of the European Union (Withdrawal) Act 2018 (c. 16) is relevant to these Regulations.</dc:description>
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49
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ending immediately before
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a day which is a bank holiday under the Banking and Financial Dealings Act 1971
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in any part of the United Kingdom.
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a parent undertaking and its subsidiaries, within the meaning of Articles 1 and 2 of Directive
<Citation URI="http://www.legislation.gov.uk/id/eudr/1983/349" id="c00012" Class="EuropeanEconomicCommunityDirective" Year="1983" Number="349">83/349/EEC</Citation>
of 13 June 1983
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, and
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<Text>undertakings linked to each other by a relationship mentioned in Article 12.1(a) or (b) of that Directive, whose occupation includes the issuing of credit ratings.</Text>
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; amended by section 1 of the
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.
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<Text>O.J. L 193, 18.7.1983, p.1.</Text>
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<Text>
Words in
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substituted (31.1.2020 immediately before exit day) by
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,
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