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Wednesday, October 10, 2018
05:12PM / FCA
When the UK leaves the EU, the FCA will
become the UK regulator of credit rating agencies.
We continue
to prepare for a range of scenarios, including one in which the UK leaves
the EU without a deal and without entering an implementation period.
The Treasury has announced its proposed approach to amending retained EU law related to credit
rating agencies(link is external) (CRAs),
to be laid under the EU (Withdrawal) Act.
The draft SI will transfer UK regulation
of CRAs from the European Securities and Markets Authority (ESMA) to the
FCA and make amendments to retained EU law to ensure that it continues to
operate effectively in the UK once the UK leaves the EU. It is not intended to
make policy changes, other than where appropriate to reflect the UK’s new
position outside the EU.
To support a smooth transition to the new
regime for CRAs in the UK, and minimise disruption to the users of credit
ratings, the draft SI will include 2 registration regimes for firms:
For firms not falling into the above
categories, applications to register as a CRA will be assessed in accordance
with the usual procedures in the CRA Regulation.
We will consult on the fees that CRAs
will have to pay in Q4 2018.
CRAs should let us know if they intend to
offer services to UK markets from exit day.
Email: cra-registration@fca.org.uk
The Treasury intends to publish the draft
SI in due course and lay the SI before Parliament in the Autumn. If, as
expected, the UK enters an implementation period after Brexit, the changes made
in the SI will not take effect on 29 March 2019.
We are consulting
on updating our Binding Technical Standards to reflect the changes
that will be introduced through the SI.
Date |
Activity |
9
October 2018 |
|
Q3
2018 |
Draft SI
published |
Q4
2018 |
FCA fees
consultation |
Q4
2018 |
SI laid
before Parliament |
Q4
2018 |
FCA to
offer pre-application support |
Early
2019 |
Application
window opens |
29 March
2019 |
Responsibility
for the regulation of CRAs in the UK transfers to the FCA |
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