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Credit Rating Services Act, 2012 (Act No. 24 of 2012)

Board Notices

Board Notice 166 of 2013

2. Honesty and integrity

 

 

(1)        A director or key employee of a registered credit rating agency must be a person who is honest and has integrity.

 

(2) In determining whether a director or key employee complies with subparagraph (1), the registrar may refer to any information in possession of the registrar or brought to the registrar's attention.

 

(3) Without prejudice to the generality of subparagraphs (2) and (4), any of the following factors constitutes prima facie evidence that the person does not qualify in terms of subparagraph (1), namely  that  the  person—
(a) has been found guilty in any civil or criminal proceedings by a court of law, whether in the Republic of South Africa or elsewhere, of having acted fraudulently, dishonestly, unprofessionally, dishonourably or in breach of a fiduciary duty;
(b) has been found guilty by any professional or financial services industry body, whether in the Republic of South Africa or elsewhere, of an act of dishonesty, negligence, incompetence or mismanagement;
(c) has been denied membership of any body referred to in sub-paragraph (b) on account of an act of dishonesty, negligence, incompetence or mismanagement;
(d) has—
(i) been found guilty by any regulatory or supervisory body, whether in the Republic of South Africa or elsewhere; or
(ii) had its authorisation to carry on business refused, suspended or withdrawn by any such body on account of an act of dishonesty,  negligence, incompetence or mismanagement;
(e) has had any licence granted by any regulatory or supervisory body referred to in subparagraph (d) suspended or withdrawn by such body on account of an act of dishonesty, negligence, incompetence or mismanagement; or
(f) has at any time prior to the date of application been disqualified or prohibited by any court of law, whether in the Republic of South Africa or elsewhere, from taking part in the management of any company or other statutorily created, recognised or regulated body, irrespective whether such disqualification has since been lifted or not.

 

(4) An applicant, director or employee must be candid and accurate in the application and must of own accord disclose all facts or information at the disposal of, or which may be accessible to the applicant, director or key employee and which may be relevant for purposes of a decision by the registrar that the director or key employee complies or does not comply with subparagraph (1).

 

(5) An applicant must submit its application with completed Annexure  B and D Forms in respect of each of its directors and key employees.

 


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