European Communities (Credit Rating Agencies) Regulations 2010.
Statutory Instruments
Source: Statutory Instruments

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paragraphs: These Regulations may be cited as the European Communities (Credit Rating Agencies) Regulations 2010.
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paragraphs: (1) Regulation 4 comes into operation on 7 June 2010.
(2) Regulations 5 to 7 come into operation on 7 December 2010.
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paragraphs: (1) In these Regulations—
(2) A word or expression used in these Regulations and also in the EC Regulation has the same meaning in these Regulations as in the EC Regulation, unless the contrary intention appears.
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paragraphs: The Bank is designated as the competent authority in the State for the purposes of the EC Regulation.
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paragraphs: (1) The powers of the Chief Executive of the Bank to prescribe supervisory levies under section 33J of the Central Bank Act 1942 (No. 22 of 1942) extend to the prescription of a supervisory levy to be paid by a credit rating agency that is established in the State as if the EC Regulation were a designated enactment.
(2) The powers of the Chief Executive of the Bank to prescribe fees under section 33K of the Central Bank Act 1942 extend to the prescription of fees to be paid by a credit rating agency that is established, or seeks to become established, in the State as if the EC Regulation were an enactment.
(3) A supervisory levy or fee prescribed pursuant to paragraph (1) or (2) shall be proportionate to the costs incurred by the Bank in relation to credit rating agencies.
(4) In this Regulation “fee” includes a registration fee.
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paragraphs: (1) A credit rating agency established in the State that contravenes a requirement imposed on a credit rating agency by the EC Regulation commits an offence.
(2) A person (other than a credit rating agency established in the State) who contravenes a requirement imposed on the person by the EC Regulation commits an offence.
(3) A person guilty of an offence under paragraph (1) or (2) is liable—
(a) on summary conviction, to a fine not exceeding €5,000 or imprisonment for a term not exceeding 12 months or both, or
(b) on conviction on indictment, to a fine not exceeding €500,000 or imprisonment for a term not exceeding 3 years or both.
(4) Where the contravention in respect of which a person is convicted of an offence under paragraph (1) or (2) continues after the conviction, the person commits an offence for each day on which the contravention continues and for each such further offence is liable—
(a) on summary conviction, to a fine not exceeding €1,000 or imprisonment for a term not exceeding 1 month or both, or
(b) on conviction on indictment, to a fine not exceeding €10,000.
(5) Where an offence referred to in paragraph (1) or (2) is proved to have been committed with the consent, connivance or approval of, or to be attributable to the wilful neglect of, a person—
(a) who is a director, manager, secretary or other officer of the body corporate, or
(b) who purported to act in any such capacity,
(6) A person may be charged with an offence under paragraph (5) even if the body corporate concerned is not charged with any offence under these Regulations in relation to the same matter.
(7) Summary proceedings in relation to an offence under this Regulation may be prosecuted by the Bank.
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paragraphs: (1) Subject to paragraph (2), where a person (including a credit rating agency) has been convicted of an offence pursuant to Regulation 6, the Bank shall publish a statement of the conviction including such details as the Bank considers appropriate of the offence and the penalty imposed.
(2) Paragraph (1) does not apply where publication would seriously jeopardise the financial markets or cause disproportionate damage to any party involved.