ADVOKS GLOBAL · KENYA
The Capital Markets (Credit Rating Agencies) Regulations
18. Submission of information to the Authority
Edition: 2023-12-15 · In force
18. Submission of information to the Authority
(1)The Authority may, in writing, request a credit rating agency to provide information relating to its activities, including reports relating to its activities.(2)The credit rating agency shall furnish the Authority with the information requested under subregulation (1) within the period specified in the request and if no such period is specified, within a reasonable time.(3)Each credit rating agency shall, within four months after the end of the financial year, furnish the Authority with copies of the credit rating agency's audited financial accounts.(4)Each credit rating agency shall disclose the following information to the Authority, to an issuer whose security the credit rating agency has rated, and on its website—(a)the rating methodology used by the credit rating agency;(b)attributes and limitation of each rating assigned to a security or issuer of a security by the credit rating agency;(c)upgrades and downgrades of ratings;(d)each past favourably issuer of a security that has defaulted in the preceding five years; and(e)each rating of commercial paper or corporate bond or any other rating of a capital market instrument, as may be applicable.(5)Each credit rating agency shall disclose to the Authority the fees it charges for its services.