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Thursday, May 30, 2013 - 08:49
Equivalent basis

The Credit Rating Services Act 2012 came into effect on 15th April 2013.  It ensures that South Africa has legislation in place on an “at least” equivalent basis with international regulatory requirements and in line with the G20 requirement of regulated and accountable credit rating agencies at a global level.

The Financial Services Board has been tasked with administering the Act and the supervision of credit rating agencies. With subordinate legislation and the registration of the credit rating agencies still to be finalised, it is only as from 17th December 2013 that no person may perform credit rating services, or issue a credit rating in South Africa unless such a person is a registered credit rating agency in terms of section 5 of the Act.

Meanwhile, mid-April the FSB also released its latest update on Licences granted for Financial Services Providers. Deputy Registrar for Financial Services Providers, Gerry Anderson, said that the board had finalised the processing of 22 109 (Previously 22 059) applications for authorisation as financial services providers to date. In total, 2 113 of these applications have been declined (previously 2 099).

Copyright © Insurance Times and Investments® Vol:26.5 1st May, 2013
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