Special Investigating Units and Special Tribunals Act, 1996
R 385
Credit Rating Services Act, 2012 (Act No. 24 of 2012)Chapter 6 : Administration of Act26. Directives |
| (1) | The registrar may, in order to ensure proper implementation and administration of this Act, or to further the objects of the Act in section 2, issue a directive to a registered credit rating agency— |
| (a) | to implement specific practices, procedures or processes; |
| (b) | to take specific actions or measures; |
| (c) | to desist from undertaking specific practices, procedures, processes, actions or measures; or |
| (d) | generally prohibiting certain practices, procedures, processes, actions or measures. |
| (2) | A directive contemplated in subsection (1) may— |
| (a) | apply to registered credit rating agencies, credit ratings or credit rating services generally; |
| (b) | apply to a specific registered credit rating agency, credit rating or credit rating service; or |
| (c) | be limited in its application to a particular type of registered credit rating agency, whether local or external, a credit rating service published or performed in the Republic, or a credit rating, whether relating to an opinion regarding— |
| (i) | an entity; |
| (ii) | securities or a financial instrument; or |
| (iii) | an issuer of securities or a financial instrument. |
| (3) | A directive issued in terms of subsection (1) takes effect on the date determined by the registrar in the directive, and may take effect immediately. |
| (4) | The registrar may amend, cancel or revoke any previously issued directives. |
| (5) | The registrar must, where a directive is issued to ensure the protection of investors, potential investors or the public in general, publish the directive in the Gazette and in any other media that the registrar deems appropriate, and a copy of the published directive must be submitted to Parliament. |
