Part 1: Prudential regulation of credit institutions and investment firms Section 6: Power to amend the Credit Rating Agencies Regulation
Subsection (1) provides a specific power to HM Treasury to make regulations to amend Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (the Credit Rating Agencies Regulation) in order to implement changes to the use and issuance of credit ratings in line with CRR Basel standards, as defined in section 4.
	Subsection (2) ensures that regulations may also include consequential amendments.
	Subsection (3) applies the affirmative procedure to the regulations.
	Subsection (4) is intended to account for the fact that the BCBS sets standards for internationally active banks but, in the UK, prudential requirements stemming from Basel are applied to all credit institution, including e.g. smaller banks and building societies that focus on domestic lending. Therefore, subsection (4) allows for any requirements which may be set as a consequence of amendments to the Credit Rating Agencies Regulation to continue to apply not just to those firms which are the subject of Basel.
	Subsection (5) is self-explanatory.