Credit Rating Services Act, 2012 (Act No. 24 of 2012)Chapter 3 : Duties of Registered Credit Rating Agency13. Disclosures |
| (1) | A registered credit rating agency must disclose to the public and its subscribers— |
| (a) | the practices, procedures, processes, methodologies, models and key rating assumptions it uses in its credit ratings and credit rating services and any material modification thereto; |
| (b) | its code of conduct; |
| (c) | the general nature of its compensation arrangements; and |
| (d) | its policy on publishing credit ratings and other related communication. |
| (2) | A registered credit rating agency must, every 12 months, disclose to the public and its subscribers data about the historical default rates of its rating categories. |
| (3) | A registered credit rating agency must provide prominent links to the disclosures contemplated in subsections (1) and (2) on its website. |
| (4) | A registered credit rating agency must annually disclose to the registrar— |
| (a) | a list of its 20 largest clients by revenue, and the percentage of revenue that each of those 20 clients, individually or together with affiliates, contribute to the total annual revenue of the registered credit rating agency; and |
| (b) | the name of any client who, individually or together with affiliates, contributes more than ten per cent to the total annual revenue of the registered credit rating agency. |