Credit Rating Services Act, 2012 (Act No. 24 of 2012)Board NoticesFit and Proper Requirements for Credit Rating Agencies3. Competence |
| (1) | An applicant must satisfy the registrar that its directors and key employees are competent to undertake the credit services which it intends providing including, where appropriate, detailed knowledge of the structure, purpose and risks of the products associated with the type of credit rating service it intends providing. |
| (2) | Without prejudice to the generality of subparagraph (1), in determining a person's competence, the registrar may have regard to, including, but not limited to the following matters:— |
| (a) | the person's past performance or expertise in the rendering of credit rating services; |
| (b) | the person's skills and experience to operate and manage, where applicable, the regulated activities of the credit rating agency; |
| (c) | the person's technical knowledge and ability to perform prescribed duties for which he or she is engaged, including recognised relevant professional qualifications and membership of relevant professional institutions. |
| (3) | A registered credit rating agency must comply with the following conditions, in addition to any other conditions imposed by the registrar in terms of the Act (if any) as indicated on the applicant's registration form when granted: A registered credit rating agency must:— |
| (a) | maintain a register of directors and key employees, which must be regularly updated; |
| (b) | promptly inform the registrar when the appointment of a director or key employee is terminated and the reason therefor; |
| (c) | complete Annexure B where a new director or key employee is appointed, and promptly submit it to the registrar; |
| (d) | annually submit a written statement to the registrar wherein continued compliance with this Notice with respect to each director and employee is confirmed. |