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Related documents
- Is amended by Financial Sector Regulation Act, 2017
- Is amended by Financial Services Laws General Amendment Act, 2013
- Is commenced by Credit Rating Services Act, 2012: Commencement
South Africa
Credit Rating Services Act, 2012
Act 24 of 2012
- Published in Government Gazette 36071 on 14 January 2013
- Assented to on 9 January 2013
- Commenced on 15 April 2013 by Credit Rating Services Act, 2012: Commencement
- [This is the version of this document from 1 April 2023.]
- [Amended by Financial Services Laws General Amendment Act, 2013 (Act 45 of 2013) on 28 February 2014]
- [Amended by Financial Sector Regulation Act, 2017 (Act 9 of 2017) on 1 April 2018]
- [Amended by Financial Sector Regulation Act, 2017 (Act 9 of 2017) on 28 September 2018]
- [Amended by Financial Sector Regulation Act, 2017 (Act 9 of 2017) on 1 April 2023]
Chapter 1
Definitions, objects and application
1. Definitions and interpretation
1A. Relationship between Act and Financial Sector Regulation Act
1B. Regulatory instruments
For the purposes of the definition of "regulatory instrument" in section 1(1) of the Financial Sector Regulation Act, any matter prescribed by the Authority in respect of which notice in the Gazette is specifically required by this Act is a regulatory instrument.[section 1B inserted by section 290 of Act 9 of 2017]2. Objects of Act
The objects of this Act are to—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
A registered credit rating agency must—8. Appointment of directors
9. Methodologies, models and key rating assumptions
A registered credit rating agency must—10. Credit ratings
11. Code of conduct
12. Outsourcing and other services
13. Disclosures
14. Records
A registered credit rating agency must arrange for adequate records and, where appropriate, audit trails of its credit rating services, which must be kept for a minimum period of five years or such longer period as may be prescribed in any other applicable law.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
No person, including the registrar, may hinder, interfere with, obstruct or improperly attempt to influence a credit rating, the content of a credit rating, or any methodology, model or key assumption used by a registered credit rating agency to derive a credit rating.Chapter 6
Administration of Act
21. ***
[section 21 repealed by section 290 of Act 9 of 2017]22. ***
[section 22 repealed by section 290 of Act 9 of 2017]23. Powers and functions of registrar
24. Rules
25. ***
[section 25 substituted by section 262 of Act 45 of 2013 and repealed by section 290 of Act 9 of 2017]26. ***
[section 26 repealed by section 290 of Act 9 of 2017]27. Exemptions
28. Fees and penalties
29. ***
[section 29 repealed by section 263 of Act 45 of 2013]Chapter 7
Enforcement actions and remedies
30. ***
[section 30 repealed by section 290 of Act 9 of 2017]31. ***
[section 31 repealed by section 290 of Act 9 of 2017]32. Offences and penalties
Any person who—33. ***
[section 33 repealed by section 290 of Act 9 of 2017]Chapter 8
General provisions
34. Regulations
35. Saving of rights
No provision of this Act, and no act performed under or in terms of any provision thereof, may be construed as affecting any right of a person to seek appropriate legal redress in terms of common law or any other relevant legislation, whether relating to civil or criminal matters, in respect of a credit rating or credit rating agency.36. Amendment of law
The law referred to in the Schedule is hereby amended to the extent specified in the third column thereof.37. Short title and commencement
This Act is called the Credit Rating Services Act, 2012, and comes into operation on a date determined by the Minister by notice in the Gazette.History of this document
01 April 2023 this version
Amended by
Financial Sector Regulation Act, 2017
28 September 2018
01 April 2018
28 February 2014
15 April 2013
Commenced by
Credit Rating Services Act, 2012: Commencement
14 January 2013
09 January 2013
Assented to
Cited documents 10
Legislation 10
1. | Constitution of the Republic of South Africa, 1996 | 4595 citations |
2. | Promotion of Administrative Justice Act, 2000 | 2254 citations |
3. | Companies Act, 2008 | 1842 citations |
4. | Promotion of Access to Information Act, 2000 | 1655 citations |
5. | Electronic Communications and Transactions Act, 2002 | 338 citations |
6. | Financial Markets Act, 2012 | 209 citations |
7. | Financial Services Board Act, 1990 | 207 citations |
8. | Financial Institutions (Protection of Funds) Act, 2001 | 87 citations |
9. | Securities Services Act, 2004 | 85 citations |
10. | Credit Rating Services Act, 2012: Commencement | 1 citation |
Documents citing this one 26
Gazette 21
Legislation 4
1. | Financial Sector Regulation Act, 2017 | 118 citations |
2. | Financial Institutions (Protection of Funds) Act, 2001 | 87 citations |
3. | Financial Sector and Deposit Insurance Levies Act, 2022 | 2 citations |
4. | Levies for Financial Institutions, 2022 |
Directive 1
1. | Directive 7/2023: Matters relating to eligible external credit assessment institutions |