Financial Services Act 2021

6 Power to amend the Credit Rating Agencies Regulation

(1) The Treasury may by regulations amend the Credit Rating Agencies Regulation by making provision related to the issuing and use of credit ratings which it considers necessary or desirable having regard to a CRR Basel standard.

(2) Regulations under this section may—

(a) make different provision for different purposes, and

(b) make consequential, supplemental, incidental, transitional, transitory and saving provision.

(3) Regulations under this section are subject to the affirmative procedure.

(4) The power under subsection (1) includes power to make provision in relation to any CRR firm (even where the CRR Basel standard to which the Treasury have regard does not apply to all CRR firms).

(5) In this section—

• “CRR Basel standard” has the meaning given in section 4;

• “CRR firm” has the same meaning as in the Capital Requirements Regulation;

• “the Credit Rating Agencies Regulation” means Regulation (EC) No. 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies;

• “credit rating” has the same meaning as in the Credit Rating Agencies Regulation (see Article 3(1)(a) of that Regulation).