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Table of Contents
Credit Rating Services Act, 2012 (Act No. 24 of 2012)
Notice No. 15 of 2013
Act
Chapter 1 : Definitions, Objects and Application
1. Definitions and interpretation
1A. Relationship between Act and Financial Sector Regulation Act
1B. Regulatory instruments
2. Objects of Act
3. Application of Act
4. Use of credit ratings
Chapter 2 : Registration
5. Application for registration
6. Suspension and cancellation of registration
Chapter 3 : Duties of Registered Credit Rating Agency
7. Duties
8. Appointment of directors
9. Methodologies, models and key rating assumptions
10. Credit ratings
11. Code of conduct
12. Outsourcing and other services
13. Disclosures
14. Records
15. Annual report
16. Independent compliance unit
17. Accounting and auditing requirements
Chapter 4 : Endorsement of External Credit Ratings
18. Requirements for endorsement of external credit ratings
Chapter 5 : Liability and Independence of Registered Credit Rating Agencies
19. Liability of registered credit rating agency
20. Independence
Chapter 6 : Administration of Act
21. [Repealed] Registrar and deputy registrar of credit rating agencies
22. [Repealed] Delegation and assignment
23. Powers and functions of Registrar
24. Rules
25. [Repealed] Inspections and on-site visits
26. [Repealed] Directives
27. [Repealed] Exemptions
28. Fees and penalties
29. [Repealed] Cooperation and regulatory authorities
Chapter 7 : Enforcement Actions and Remedies
30. [Repealed] Enforcement committee
31. [Repealed] Civil action
32. Offences and penalties
33. [Repealed] Right of appeal
Chapter 8 : Miscellaneous and General Provisions
34. Regulations
35. Saving of rights
36. Amendment of laws
37. Short title and commencement
Schedule
Law Amended
Notices
Commencement Date of Act and Date from which person may not perform Credit Rating Services or Issue Credit Rating unless Registered as a Credit Rating Agency
Notice No. 271 of 2013
Board Notices
Application for Registration as Credit Rating Agency
Board Notice 164 of 2013
1. Definition
2. Application for a registration as a credit rating agency
3. Address
4. Commencement
Form CRSA1
Annexures
Annexure 1 to Form CRSA1
Annexure 2 to Form CRSA1
International Code of Conduct
Board Notice 165 of 2013
Fit and Proper Requirements for Credit Rating Agencies
Board Notice 166 of 2013
1. Definitions
2. Honesty and integrity
3. Competence
4. Operational ability
5. Financial soundness of applicants
6. Financial soundness of directors and key employees
7. Commencement
Annexures
Annexure A
Annexure B
Annexure C
Annexure D
Requirements for Approval of Compliance Unit
Board Notice 167 of 2013
1. Definitions
2. Application
3. Criteria for compliance officers of registered credit rating agencies
4. Criteria for approval of external compliance units
5. Application form
6. Transitional provision
7. Commencement
Forms
Form 1
Annual Report to the Public by a Registered Credit Rating Agency
Board Notice 168 of 2013
1. Definition
2. Additional information that must be contained...
3. Commencement
Prescribed Credit Rating Agency Fees
Board Notice 169 of 2013
1. Definition
2. Fees
3. Manner of payment of fees
4. Interest in respect of overdue fees
5. Commencement
Prescribed Period in which Annual Report must be Published and Audited Financial Statements be submitted to the Registrar
Board Notice 170 of 2013
1. Definition
2. Prescribed period
3. Commencement
Administrative Penalty to be Imposed by the Registrar
Board Notice 171 of 2013
1. Definition
2. Administrative penalty to be imposed
3. Commencement
Credit Rating Agency Rules
Board Notice 228 of 2013
Part I : Introduction
1. Definitions
Part II : Organisational Requirements
2. Structure and duties of the board
3. Internal controls
4. Outsourcing arrangements
Part III : Independence and Avoidance of Conflicts of Interest
5. Conflicts of interest
6. Analyst and employee independence
Part IV : Quality and Integrity of Credit Ratings
7. Quality of the rating process
8. Monitoring, surveillance and updating
9. Integrity of the rating process
Part V : Presentation of Credit Ratings
10. Presentation of credit ratings
Part VI : Additional Obligations in Relation to Credit Ratings of Structured Finance Instruments
11. Structured finance instruments
Part VII : Disclosure and Record Keeping
12. Additional disclosures
13. Record-keeping
Part VIII : Advertising
14. Advertising
Part IX : Guarantee and Insurance Cover
15. Guarantee and insurance cover
Part X : Control and Prohibition of Incentives
16. Incentives
Part XI : Responsibilities to Investors and the Public
17. General duties of credit rating agencies
18. Transparency and timeliness of credit rating disclosures
19. Confidential information
20. Short title and commencement
Forms
Purchase
Form 1
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