Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

SECTION 4 Financial resources for the performance of credit rating activities

Article 13 Financial reports

  1. (1)

    A credit rating agency shall provide the FCA with a copy of its annual financial reports, including individual and consolidated financial statements where applicable, for the three financial years preceding the date of the submission of its application to the extent available. Where the financial statements of the credit rating agency are subject to statutory audit as required by UK law the financial reports shall include the audit report on the annual and consolidated financial statement.

  2. (2)

    Where the financial reports referred to in paragraph 1 are not available for the requested period of time, a credit rating agency shall provide the FCA with an interim financial report.

  3. (3)

    Where the credit rating agency is a subsidiary of a group of undertakings, it shall provide the annual financial reports of the parent undertaking for the three financial years preceding the date of the submission of its application.

  4. (4)

    A credit rating agency shall provide the FCA with a description of the measures it has adopted to ensure sound accounting procedure.