Mandating Procedures of Provinces Act, 2008
R 385
Credit Rating Services Act, 2012 (Act No. 24 of 2012)Chapter 6 : Administration of Act27. Exemptions |
| (1) | The registrar may, on application or on the registrar's initiative exempt any person, category of persons or registered credit rating agency from, or in respect of, any provision of the Act if the registrar is satisfied that— |
| (a) | practicalities impede the strict application of a specific provision of the Act; and |
| (b) | the granting of the exemption will not— |
| (i) | conflict with the public interest; |
| (ii) | prejudice the interests of— |
| (aa) | the clients of registered credit rating agencies; |
| (bb) | the users of credit ratings or credit rating services; or |
| (cc) | regulatory authorities that rely on, refer to or use credit ratings in their supervision and regulation activities; and |
| (iii) | frustrate the achievement of the objects of this Act. |
| (2) | An exemption contemplated in subsection (1) may— |
| (a) | apply to any person, category of persons or registered credit rating agencies generally, a specific registered credit rating agency or be limited in its application to a particular type of registered credit rating agency; and |
| (b) | be made subject to conditions and be granted for a period that the registrar may determine. |
| (3) | The registrar may, at any time by notice on the FSB official website, withdraw, wholly or in part, and on any ground which the registrar deems sufficient, any exemption granted under subsection (1). |
| (4) | The registrar must, where an exemption applies generally or to a type of registered credit rating agency, publish the exemption in the Gazette and any other media that the registrar deems appropriate, and a copy of the published exemption must be submitted to Parliament. |
