Credit Rating Services Act, 2012 (Act No. 24 of 2012)Board NoticesCredit Rating Agency RulesPart VII : Disclosure and Record Keeping13. Record-keeping |
| (1) | A credit rating agency must arrange for records to be kept of all significant threats to the independence of the credit rating activities, including those pertaining to the rules on analysts, as well as the safeguards applied to mitigate those threats. |
| (2) | A credit rating agency must maintain the internal records and audit trails which support its credit ratings for at least five years. The internal records must be made available to the registrar on request. |
| (3) | A credit rating agency must in accordance with section 14 of the Act, keep at least the following records: |
| (a) | For each credit rating decision:— |
| (i) | the identity of the analysts participating in the determination of the credit rating; |
| (ii) | the identity of the persons who have approved the credit rating; |
| (iii) | information as to whether the credit rating was solicited or unsolicited; and |
| (iv) | the date on which the credit rating action was taken. |
| (b) | The account records relating to fees received from any rated entity, related third party or any user of ratings. |
| (c) | The account records for each subscriber to the credit ratings or related services. |
| (d) | The records documenting the established procedures and methodologies used by the credit rating agency to determine credit ratings. |
| (e) | The internal records and files, including non-public information and work papers, used to form the basis of any credit rating decision taken. |
| (f) | Credit analysis reports, credit assessment reports, private credit rating reports and internal records, including non-public information and working papers, used to form the basis of the credit rating expressed in such reports. |
| (g) | Records of the procedures and measures implemented by the credit rating agency to comply with the Act and these Rules. |
| (h) | Copies of internal and external communications, including electronic communications received and sent by the credit rating agency and its employees which relate to credit rating activities. |
| (i) | Details of telephone calls made and received that relate to credit rating activities. |
| (4) | A credit rating agency must retain the agreement to provide credit rating services which sets out the respective rights and obligations of the agency and the rated entity or its related third parties for three years after the termination of the relationship with that rated entity or its related third parties. |
| (5) | Where the registration of a credit rating agency is cancelled, the agency must, with the approval of the registrar, make appropriate arrangements to keep the records for an additional term of at least three years. |