Credit Rating Services Act, 2012 (Act No. 24 of 2012)Board NoticesFit and Proper Requirements for Credit Rating Agencies6. Financial soundness of directors and key employees |
| (1) | A director or key employee of a registered credit rating agency must not be an unrehabilitated insolvent, sequestrated, applied for sequestration or subject to debt review as contemplated by the National Credit Act, 2005 (Act No. 34 of 2005). |
| (2) | A director or key employee of a registered credit rating agency must not be subject to any judgment debt or award which remains outstanding or has not been satisfied within a reasonable period. |
| (3) | A director or key employee of a registered credit rating agency must provide the registrar with a satisfactory credit reference. |