• Credit Rating Services Act, 2012 (Act No. 24 of 2012)
  • Notice No. 15 of 2013
  • Act
  • Chapter 1 : Definitions, Objects and Application
    • 1. Definitions and interpretation
    • 1A. Relationship between Act and Financial Sector Regulation Act
    • 1B. Regulatory instruments
    • 2. Objects of Act
    • 3. Application of Act
    • 4. Use of credit ratings
  • Chapter 2 : Registration
    • 5. Application for registration
    • 6. Suspension and cancellation of registration
  • Chapter 3 : Duties of Registered Credit Rating Agency
    • 7. Duties
    • 8. Appointment of directors
    • 9. Methodologies, models and key rating assumptions
    • 10. Credit ratings
    • 11. Code of conduct
    • 12. Outsourcing and other services
    • 13. Disclosures
    • 14. Records
    • 15. Annual report
    • 16. Independent compliance unit
    • 17. Accounting and auditing requirements
  • Chapter 4 : Endorsement of External Credit Ratings
    • 18. Requirements for endorsement of external credit ratings
  • Chapter 5 : Liability and Independence of Registered Credit Rating Agencies
    • 19. Liability of registered credit rating agency
    • 20. Independence
  • Chapter 6 : Administration of Act
    • 21. [Repealed] Registrar and deputy registrar of credit rating agencies
    • 22. [Repealed] Delegation and assignment
    • 23. Powers and functions of Registrar
    • 24. Rules
    • 25. [Repealed] Inspections and on-site visits
    • 26. [Repealed] Directives
    • 27. [Repealed] Exemptions
    • 28. Fees and penalties
    • 29. [Repealed] Cooperation and regulatory authorities
  • Chapter 7 : Enforcement Actions and Remedies
    • 30. [Repealed] Enforcement committee
    • 31. [Repealed] Civil action
    • 32. Offences and penalties
    • 33. [Repealed] Right of appeal
  • Chapter 8 : Miscellaneous and General Provisions
    • 34. Regulations
    • 35. Saving of rights
    • 36. Amendment of laws
    • 37. Short title and commencement
  • Schedule
    • Law Amended
• Notices
  • Commencement Date of Act and Date from which person may not perform Credit Rating Services or Issue Credit Rating unless Registered as a Credit Rating Agency
    • Notice No. 271 of 2013
• Board Notices
  • Application for Registration as Credit Rating Agency
    • Board Notice 164 of 2013
    • 1. Definition
    • 2. Application for a registration as a credit rating agency
    • 3. Address
    • 4. Commencement
    • Form CRSA1
    • Annexures
      • Annexure 1 to Form CRSA1
      • Annexure 2 to Form CRSA1
  • International Code of Conduct
    • Board Notice 165 of 2013
  • Fit and Proper Requirements for Credit Rating Agencies 
    • Board Notice 166 of 2013
    • 1. Definitions
    • 2. Honesty and integrity
    • 3. Competence
    • 4. Operational ability
    • 5. Financial soundness of applicants
    • 6. Financial soundness of directors and key employees
    • 7. Commencement
    • Annexures
      • Annexure A
      • Annexure B
      • Annexure C
      • Annexure D
  • Requirements for Approval of Compliance Unit
    • Board Notice 167 of 2013
    • 1. Definitions
    • 2. Application
    • 3. Criteria for compliance officers of registered credit rating agencies
    • 4. Criteria for approval of external compliance units
    • 5. Application form
    • 6. Transitional provision
    • 7. Commencement
    • Forms
      • Form 1
  • Annual Report to the Public by a Registered Credit Rating Agency
    • Board Notice 168 of 2013
    • 1. Definition
    • 2. Additional information that must be contained...
    • 3. Commencement
  • Prescribed Credit Rating Agency Fees
    • Board Notice 169 of 2013
    • 1. Definition
    • 2. Fees
    • 3. Manner of payment of fees
    • 4. Interest in respect of overdue fees
    • 5. Commencement
  • Prescribed Period in which Annual Report must be Published and Audited Financial Statements be submitted to the Registrar
    • Board Notice 170 of 2013
    • 1. Definition
    • 2. Prescribed period
    • 3. Commencement
  • Administrative Penalty to be Imposed by the Registrar
    • Board Notice 171 of 2013
    • 1. Definition
    • 2. Administrative penalty to be imposed
    • 3. Commencement
  • Credit Rating Agency Rules
    • Board Notice 228 of 2013
    • Part I : Introduction
      • 1. Definitions
    • Part II : Organisational Requirements
      • 2. Structure and duties of the board 
      • 3. Internal controls
      • 4. Outsourcing arrangements
    • Part III : Independence and Avoidance of Conflicts of Interest
      • 5. Conflicts of interest
      • 6. Analyst and employee independence
    • Part IV : Quality and Integrity of Credit Ratings
      • 7. Quality of the rating process
      • 8. Monitoring, surveillance and updating
      • 9. Integrity of the rating process
    • Part V : Presentation of Credit Ratings
      • 10. Presentation of credit ratings
    • Part VI : Additional Obligations in Relation to Credit Ratings of Structured Finance Instruments
      • 11. Structured finance instruments
    • Part VII : Disclosure and Record Keeping
      • 12. Additional disclosures
      • 13. Record-keeping
    • Part VIII : Advertising
      • 14. Advertising
    • Part IX : Guarantee and Insurance Cover
      • 15. Guarantee and insurance cover
    • Part X : Control and Prohibition of Incentives
      • 16. Incentives
    • Part XI : Responsibilities to Investors and the Public
      • 17. General duties of credit rating agencies
      • 18. Transparency and timeliness of credit rating disclosures
      • 19. Confidential information
      • 20. Short title and commencement