Credit Rating Services Act, 2012 (Act No. 24 of 2012)Chapter 1 : Definitions, Objects and Application3. Application of Act |
| (1) | Subject to subsection (4), this Act applies to— |
| (a) | credit rating services performed in the Republic; |
| (b) | credit ratings that are issued by credit rating agencies registered in the Republic; and |
| (c) | any person that performs credit rating services or issues credit ratings in the Republic. |
| (2) | With effect from a date determined by the Minister by notice in the Gazette, a person may not perform credit rating services or issue a credit rating in the Republic, unless that person is a registered credit agency. |
| (3) | This Act does not create a general obligation for— |
| (a) | all securities or financial instruments to be credit-rated; |
| (b) | financial institutions or investors to invest only in securities or financial instruments that are credit-rated. |
| (4) | This Act does not apply to private credit ratings and private credit rating services produced pursuant to an individual order and provided exclusively to the person who placed the order and which are not intended for public disclosure or distribution by subscription. |