1. The credit ratings that are related to entities established or financial instruments issued in third countries and that are issued by a credit rating agency established in a third country may be used in the United Kingdom under Article 4(1) without being endorsed in accordance with Article 4(3), provided that:

(a) the credit rating agency is authorised or registered in and is subject to supervision in that third country;

(b) the legal and supervisory framework of that third country has been recognised as equivalent to the requirements of this Regulation -

(i) by the Treasury in accordance with paragraph 6 of this Article; or

(ii) by a decision adopted by the European Commission in accordance with Article 5(6) of EU CRAR before IP completion day that forms part of retained EU law;

(c) where point (b)(i) applies, the cooperation arrangements referred to in paragraph 7 of this Article have been established by the FCA in accordance with that paragraph and are operational;