UK CRA definition
Examples of UK CRA in a sentence
As such, UK regulated investors are required to use for UK regulatory purposes ratings issued by a credit rating agency established in the UK and registered under the UK CRA Regulation.
Investors regulated in the UK are subject to similar restrictions under the UK CRA Regulation.
In the case of ratings issued by third country non-UK credit rating agencies, third country credit ratings can either be: (a) endorsed by a UK-registered credit rating agency; or (b) issued by a third country credit rating agency that is certified in accordance with the UK CRA Regulation, in each case subject to (i) the relevant UK registration, certification or endorsement, as the case may be, not having been withdrawn or suspended, and (ii) transitional provisions that apply in certain circumstances.
If the status of the rating agency that rates the Notes changes for the purposes of the CRA Regulation or the UK CRA Regulation, relevant regulated investors may no longer be able to use the rating for regulatory purposes in the EEA or the UK (as applicable) and the Notes may have a different regulatory treatment.
The FCA publishes on its website (▇▇▇▇▇://▇▇▇.▇▇▇.▇▇▇.▇▇/firms/credit-rating-agencies) a list of credit rating agencies registered in accordance with the UK CRA Regulation.
The ratings issued by S&P have been endorsed by [S&P Global Ratings UK Limited] and the ratings issued by Fitch have been endorsed by Fitch Ratings Limited, in each case in accordance with the UK CRA Regulation.
As a result of the EU CRA Regulation and UK CRA Regulation, if the status of a Rating Agency changes, investors regulated in the EU or the UK may no longer be able to use the rating of that Rating Agency for regulatory purposes and the Covered Bonds may have different regulatory treatment.
Whether or not each credit rating applied for in relation to a relevant Series of Notes will be issued by a credit rating agency established in the United Kingdom and registered under the UK CRA Regulation, and if so, whether the rating agency is included in the list of credit rating agencies published by the FCA on its website in accordance with the UK CRA Regulation, will be disclosed in the applicable Final Terms.
As such UK investors are restricted under the UK CRA Regulation from using credit ratings for regulatory purposes, unless such ratings are issued by a credit rating agency established in the UK and registered under the UK CRA Regulation (and such registration has not been withdrawn or suspended), subject to transitional provisions that apply in certain circumstances whilst the registration application is pending.
In the case of ratings issued by third country non-UK credit rating agencies, third country credit ratings can either be: (a) endorsed by a UK registered credit rating agency; or (b) issued by a third country credit rating agency that is certified in accordance with the UK CRA Regulation.