(1) For the purposes of a penalty imposed under -

(a) regulation 7, or

(b) the CRA Regulation,

Part 3 of Schedule 1ZA to the Act (Financial Conduct Authority: penalties) [Inserted by Schedule 3 to the Financial Services Act 2012 (c. 21). Paragraph 20 is amended by paragraph 4 of Schedule 10 to the Financial Services (Banking Reform) Act 2013 (c. 33). Paragraph 21 is amended by paragraph 15 of Schedule 3 to the Pension Schemes Act 2015 (c. 8) and paragraph 21(4) of Schedule 3 to the Financial Guidance and Claims Act 2018 (c. 10).], is modified as follows.

(2) Paragraph 19 has effect as if, after "this Act," there were inserted "regulation 7 of the Credit Rating Agencies (Amendment, etc.)(EU Exit) Regulations 2019 and Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies,".

(3) Paragraph 20 has effect as if -

(a) in subparagraph (2), after "this Act" there were inserted ", regulation 7 of the Credit Rating Agencies (Amendment, etc.)(EU Exit) Regulations 2019 and Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies";