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FCA SETS OUT DETAILS ON POST BREXIT REGULATION OF CRAs

The FCA has updated its webpage on credit rating agencies (CRAs) in order to reflect the transitional provisions under the Credit Rating Agencies (Amendment etc) (EU Exit) Regulations 2019 (SI 2019/266) (CRA Regulations).

The CRA Regulations introduce conversion and temporary registration regimes for CRAs wishing to issue ratings in the UK on or after Brexit, at which point the FCA will become the UK regulator of CRAs.

On the webpage, the FCA sets out details of directions and forms relating to the:
  • registration conversion regime which allows UK-based CRAs to convert their existing ESMA registration into a FCA registration;
  • certification conversion regime which allows ESMA-certified CRAs to extend their certification to the UK; and
  • temporary registration regime which offers temporary registration to CRAs that submit an advance application for registration with the FCA before exit day provided they are a UK-incorporated entity in the same group as a CRA with an existing ESMA registration.

In addition, the FCA has published a registration form for new UK-based CRAs wanting to apply for registration under the post-Brexit regulatory regime.

 

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Angie Bamboulis