ADVOKS GLOBAL · KENYA
The Capital Markets (Credit Rating Agencies) Regulations
30. Obligations of credit rating agencies during inspections or investigations
Edition: 2023-12-15 · In force
30. Obligations of credit rating agencies during inspections or investigations
(1)A credit rating agency whose books of account, records or documents are being inspected or investigated, and every director, officer and employee of the credit rating agency, shall furnish to the officer of the Authority or independent expert appointed by the Authority for that purpose such books of account, records or documents in the credit rating agency's custody relating to the credit rating agency's rating activities within ten days or such reasonable period as may be specified by the officer of the Authority or independent expert.(2)A credit rating agency shall, in the course of the inspection or investigation—(a)allow the officer or independent expert to have reasonable access to the premises occupied by the credit rating agency or director, officer and employee of the credit rating agency;(b)extend to the officer or independent expert reasonable facilities for the examination of the books of account, records or documents of the credit rating agency; and(c)provide copies of books of account, records, documents or other relevant materials which, in the opinion of the officer or independent expert, are relevant for the purpose of the inspection or investigation.(3)The officer of the Authority or independent expert, during the course of an inspection or investigation under this regulation, be entitled to examine or record the statements of the directors, officers or employees of the credit rating agency in connection with the inspection or investigation.(4)Each director, officer and employee of the credit rating agency shall be bound to render all assistance to the officer of the Authority or independent expert in connection with the inspection or investigation which the officer of the Authority or independent expert may reasonably require.