(1) The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 [S.I. 2019/266, with amendments to be made to regulation 56 by regulation 9 of S.I. 2020/628, which is in turn being amended by regulation 14 of these Regulations.] are amended as follows.

(2) In regulation 54(a), in new paragraph 1 of Article 3, after the definition of "credit score", insert -

"'EU CRAR' means Regulation (EC) 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies [OJ No. L 302, 17.11.2009, p. 1.] as it had effect in the European Union immediately before IP completion day;".

(3) For regulation 55(e) substitute -

"(e) for paragraph 6 substitute -

"6. The credit rating agency endorsing credit ratings issued in a third country is no longer required to verify or demonstrate that the condition laid down in paragraph 3(g) of this Article is fulfilled where -

(a) the legal and supervisory framework of that third country has been recognised as equivalent to the requirements of this Regulation by the Treasury in accordance with Article 5(6) and the cooperation arrangements referred to in Article 5(7) have been established by the FCA and are operational; or