This is the version of this Act as it was from 28 February 2014 to 31 March 2018. Read the latest available version.
Taxonomies
Related documents
- Is amended by Financial Services Laws General Amendment Act, 2013
- Is amended by Financial Sector Regulation Act, 2017
- 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 as it was from 28 February 2014 to 31 March 2018.]
- [Amended by Financial Services Laws General Amendment Act, 2013 (Act 45 of 2013) on 28 February 2014]
Chapter 1
Definitions, objects and application
1. Definitions and interpretation
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. Registrar and deputy registrar of credit rating agencies
The executive officer and deputy executive officer contemplated in section 1 of the Financial Services Board Act are the registrar and deputy registrar of credit rating agencies, respectively, and have the powers and functions provided for under this Act or any other applicable law.22. Delegation and assignment
23. Powers and functions of registrar
24. Rules
25. Inspections and on-site visits
26. Directives
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. Enforcement committee
The registrar may, despite and in addition to taking any step that the registrar may take under this Act, refer any contravention of this Act to the enforcement committee established in terms of section 10(3) of the Financial Services Board Act.31. Civil action
The registrar may, when satisfied on the basis of available facts and information that a person has contravened or not complied with any provision of this Act, or is likely so to contravene or not to comply, apply to a court for an order—32. Offences and penalties
Any person who—33. Right of appeal
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
28 September 2018
01 April 2018
28 February 2014 this version
15 April 2013
Commenced by
Credit Rating Services Act, 2012: Commencement
14 January 2013
09 January 2013
Assented to
Cited documents 10
Legislation 10
- Companies Act, 2008
- Constitution of the Republic of South Africa, 1996
- Credit Rating Services Act, 2012: Commencement
- Electronic Communications and Transactions Act, 2002
- Financial Institutions (Protection of Funds) Act, 2001
- Financial Markets Act, 2012
- Financial Services Board Act, 1990
- Promotion of Access to Information Act, 2000
- Promotion of Administrative Justice Act, 2000
- Securities Services Act, 2004
Documents citing this one 25
Gazette 21
- South Africa Government Gazette Regulation Gazette dated 2018-02-09 number 41433 part 1
- South Africa Government Gazette dated 2013-01-14 number 36071
- South Africa Government Gazette dated 2013-03-15 number 36252
- South Africa Government Gazette dated 2013-04-12 number 36337
- South Africa Government Gazette dated 2013-08-02 number 36720
- South Africa Government Gazette dated 2013-11-15 number 37014
- South Africa Government Gazette dated 2014-01-16 number 37237
- South Africa Government Gazette dated 2014-06-13 number 37734
- South Africa Government Gazette dated 2014-08-08 number 37895
- South Africa Government Gazette dated 2015-05-08 number 38768
- South Africa Government Gazette dated 2015-09-18 number 39220 part 1
- South Africa Government Gazette dated 2016-06-01 number 40032
- South Africa Government Gazette dated 2017-06-12 number 40912
- South Africa Government Gazette dated 2017-08-22 number 41060 part 1
- South Africa Government Gazette dated 2018-01-18 number 41388 part 1
- South Africa Government Gazette dated 2018-03-29 number 41549
- South Africa Government Gazette dated 2018-06-29 number 41746
- South Africa Government Gazette dated 2018-09-28 number 41947
- South Africa Government Gazette dated 2019-07-12 number 42579
- South Africa Government Gazette dated 2021-08-11 number 44979
- South Africa Government Gazette dated 2022-08-29 number 46834