On 30 November 2018, HM Treasury published a draft version of The Credit Rating Agencies (Amendment, etc.) (EU Exit) Regulations 2019, together with updated explanatory information. The draft Regulations bring into UK law (as retained UK law) the Credit Rating Agencies Regulation, allowing it to function effectively following the UK’s withdrawal from the EU. The European Securities and Markets Authorities’ (ESMA) functions in relation to UK Credit Rating Agencies (CRAs), including registration and supervision, will be transferred to the FCA. Firms wishing to apply for registration will need to maintain or establish a legal entity in the UK. To allow the registration and supervision of UK CRAs to transfer from ESMA to the FCA with minimal disruption, the draft Regulations include a Conversion Regime and a Temporary Registration Regime for CRAs. The draft Regulations set out the registration process for three types of pre-exit day applications.