The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020

The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 U.K.

50.—(1) The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019(1) are amended as follows.

(2) In each of the following provisions, for “credit rating agency”, in each place it occurs, substitute “person”—

(a) regulation 7(1) (financial penalties);

(b) regulation 8(7) (statement of policy);

(c) regulation 9(6) (statement of policy: procedure);

(d) regulation 10 (public censure);

(e) regulation 11(1) (warning notice);

(f) regulation 12(1) (decision notice);

(g) regulation 15 (right to refer a decision to the Upper Tribunal);

(h) in regulation 17 (application to a court for an injunction)—

(i) paragraph (1)(a) and (b);

(ii) paragraph (2);

(iii) paragraph (3).

(3) In regulation 18 (information gathering and investigations)—

(a) in paragraph (1), for “in respect of a credit rating agency as it applies in respect of an authorised person under the Act, subject as follows” substitute “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”;

(b) in paragraph (2)(b), in new paragraph (b)(iv), for “credit rating agency” substitute “person”;

(c) in paragraph (3), in the new subsection (1A), for “credit rating agency” substitute “person”.

(4) For regulation 45 (misleading the FCA: criminal offence), substitute—

“45.   Section 398 of the Financial Services and Markets Act 2000 (misleading the FCA or PRA: residual cases) applies to a requirement to provide information in accordance with—

(a) a direction under regulation 24(3), 36(2) or 42(2),

(b) regulation 24(2) or 47,

(c) a written notification under regulation 47A, or

as it applies to a requirement falling within subsection (1A) of that section.”.

(5) After regulation 46 (offence by bodies corporate) insert—

“Further information to be supplied

46A.   Subject to regulation 47A(7), regulations 47 and 47A apply to any person who, before IP completion day—

(a) has submitted an advance application to the FCA in accordance with regulation 24, and has not been notified by the FCA of its decision in respect of the application in accordance with regulation 26;

(b) has notified the FCA in accordance with regulation 36, and has not received a response from the FCA in accordance with regulation 38;

(c) has notified the FCA in accordance with regulation 42, and who has not received a response from the FCA in accordance with regulation 44; or

(d) has been notified by the FCA of a decision to register in accordance with regulation 26 or a decision to confirm the notification in accordance with regulations 38 or 44.”.

(6) For regulation 47 (further information to be supplied by a person to whom regulation 28, 33 or 39 applies), including the heading, substitute—

“Duty to disclose information

47.   A person to whom this regulation applies must notify the FCA without delay if—

(a) any information contained in, or accompanying—

(i) an advance application submitted in accordance with regulation 24, or

(ii) a notification made in accordance with regulations 36 or 42,

changes; or

(b) there are any material changes which affect or may affect compliance by that person with the conditions for registration set out in Title 3 of the CRA Regulation.

FCA power to require information from a person to whom this regulation applies

47A.— (1) The FCA may, by notice in writing given to a person to whom this regulation applies, require that they—

(a) provide information specified or information of a description specified by the FCA; or

(b) produce documents specified or documents of a description specified by the FCA.

(2) The information or documents must be provided or produced—

(a) before the end of such reasonable period, and

(b) at such place,

as may be specified.

(3) The powers conferred by paragraphs (1) and (2) apply only to information and documents reasonably required—

(a) in connection with the exercise by the FCA of functions conferred on it by or under these Regulations; and

(b) in anticipation of the exercise by the FCA of their functions under the CRA Regulation and these Regulations which are conferred on them on IP completion day.

(4) An officer who has written authorisation from the FCA to do so may request that a person to whom this regulation applies without delay—

(a) provide the officer with specified information or information of a specified description; or

(b) produce to the officer specified documents or documents of a specified description.

(5) The FCA may require any information provided under this regulation to be provided in such form as it may reasonably require.

(6) The FCA may require—

(a) any information provided, whether in a document or otherwise, to be verified in such manner, or

(b) any document produced to be authenticated in such manner,

as it may reasonably require.

(7) The FCA may also impose requirements under paragraphs (1) and (4) on related third parties, to whom a person to whom this regulation applies has outsourced operational functions or activities, to provide all information that is necessary in order to carry out the duties of the person to whom this regulation applies.

(8) In this regulation, “officer” means an officer of the FCA and includes a member of the FCA’s staff or an agent of the FCA.”.

Commencement Information

I1 Reg. 50(1)(4)-(6) in force at 27.11.2020, see reg. 1(2)

I2 Reg. 50(2)(3)(7)(8) in force at 31.12.2020 immediately before IP completion day, see reg. 1(4)

(1)

S.I. 2019/266.