| (a) | a certificate of incorporation of the applicant under the Companies Act, where the applicant is located in the Republic, or proof of registration of the applicant as an external company under the Companies Act, where the applicant is an external credit rating agency. |
| (i) | incorporation , registration, authorisation or approval in countries other than the Republic to undertake credit rating services, if applicable; |
| (ii) | ownership structure, organisational structure and corporate governance; |
| (iii) | subsidiaries, if any; |
| (iv) | resources and expertise to perform credit rating services; |
| (v) | programme of operations, including indications of where the main business activities are expected to be carried out, branches are to be established, and the type of business that will be undertaken; |
| (vi) | expected outsourcing arrangements, including details of the persons that will be assuming outsourcing functions; |
| (vii) | policies and procedures to identify, manage and disclose any conflicts of interests; |
| (viii) | compensation and performance evaluation arrangements; and |
| (ix) | compliance with or adherence to the code of conduct prescribed in terms of section 11; |
| (c) | a description of the procedures and methodologies to be used to issue and review credit ratings; |
| (d) | information to satisfy the registrar that the applicant, its directors and employees comply with the fit and proper requirements prescribed by the registrar, in respect of— |
| (i) | personal character qualities of honesty and integrity; |
| (iii) | operational ability; and |
| (e) | the application fee prescribed; and |
[Section 5(1)(e) substituted by section 290, item 3 in Schedule 4, of Act No. 9 of 2017 - effective 1 April 2018 (paragraph (h) of Notice 169 of 2018)]
| (f) | any other information prescribed by the registrar. |
| (2) | An applicant must promptly amend its application for registration and in form the registrar if, during the application process, the information contemplated in subsection (1) becomes inaccurate. |
| (3) | The registrar may exempt an applicant who, or whose holding company, or a related company in the same group, is registered, authorised or approved by a foreign regulatory authority as a credit rating agency from providing some or all of the information required under subsection (1), if— |
| (a) | the applicant requests an exemption; |
| (b) | the applicant provides proof of such registration, authorisation or approval; and |
| (c) | the registrar is satisfied that such registration, authorisation or approval was granted in accordance with public regulation that is equivalent to this Act. |
| (4) | The registrar must give notice of the receipt of an application on the FSB official website, which notice must state— |
| (a) | the name of the applicant; and |
| (b) | the period within which objections to the application may be lodged with the registrar. |
| (a) | require an applicant to furnish additional information and require that information or any information that accompanied the application to be verified; and |
| (b) | take into consideration any other information regarding the applicant, derived from any other source, including an other regulatory authority. |
(6)
| (a) | The registrar must, after consideration of an application and after consultation with any local regulatory authority that relies on, refers to or uses credit ratings in its supervision and regulatory activities— |
| (i) | if satisfied that an applicant complies with the requirements of this Act, grant the application; or |
| (ii) | if not so satisfied, subject to paragraph (b), refuse the application. |
| (b) | If an application is refused, the registrar must— |
| (i) | notify the applicant of the refusal; |
| (ii) | provide the applicant with written reasons for the refusal; and |
| (iii) | advise the applicant of the right to appeal, in accordance with section 33. |
| (7) | The registrar may grant an application subject to any condition that the registrar may determine, which condition may not be inconsistent with this Act. |
| (8) | The registrar must, on granting an application, issue a certificate of registration to the credit rating agency and publish a notice of the registration on the FSB official website. |
| (9) | A registered credit rating agency must ensure that— |
| (a) | a reference to the fact that such a certificate of registration is held, is contained in all business documentation and advertisements ; and |
| (b) | its certificate of registration is at all times available to any person requesting proof of its registration status under authority of a law or for the purpose of entering into a business relationship with the registered credit rating agency concerned. |
| (10) | The registrar must maintain a list on the FSB official website of registered credit rating agencies. |
