There are outstanding changes not yet made by the legislation.gov.uk editorial team to Financial Services and Markets Act 2000. Any changes that have already been made by the team appear in the content and are referenced with annotations.
(1)The Treasury may by regulations provide for this Chapter, or any provision of this Chapter, to apply (with or without modifications) in relation to—
(a)registered credit rating agencies, or
(b)registered credit rating agencies of descriptions specified in the regulations.
(2)Regulations under subsection (1) must provide for the FCA to be the appropriate regulator in relation to a registered credit rating agency to which any provision of this Chapter is applied by the regulations.
(3)Regulations under subsection (1) may modify legislation (including any provision of, or made under, this Act).
(4)Before making regulations under subsection (1), the Treasury must consult—
(a)the FCA, and
(b)such other persons who appear to the Treasury to be representative of persons likely to be affected by the application of this Chapter to registered credit rating agencies, or registered credit rating agencies of descriptions specified in the regulations.
(5)In this section—
“legislation” means primary legislation, subordinate legislation (within the meaning of the Interpretation Act 1978) and [F2assimilated direct] legislation, but does not include rules or other instruments made by any regulator;
“modify” includes amend, repeal or revoke;
“registered credit rating agency” means a credit rating agency registered in accordance with Regulation (EC) No 1060/2009 of the European Parliament and the Council of 16 September 2009 on credit rating agencies.]
Textual Amendments
F1Pt. 18 Ch. 2A inserted (29.6.2023 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(1)(e), Sch. 10 para. 1
F2Words in s. 309Z8(5) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 44(4)(r)
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