ADVOKS GLOBAL · KENYA
The Capital Markets (Credit Rating Agencies) Regulations
6. Recognition of foreign applicants
Edition: 2023-12-15 · In force
6. Recognition of foreign applicants
(1)A foreign applicant that seeks to carry on the business of rating in Kenya shall apply in writing to the Authority for a certificate of recognition.(2)An application under subregulation (1) shall be accompanied by the application fee specified in the Second Schedule and the following documents—(a)authorisation by the relevant regulator in the foreign applicant's jurisdiction that the foreign applicant is a credit rating agency in the form of a certified copy of a valid licence or approval to carry on the business of a credit rating agency;(b)a letter of licence or approval status from the foreign applicant's primary regulator;(c)proof that the relevant regulator is a member of the International Organisation of Securities Commission for the purposes of information sharing and supervision;(d)proof that the foreign applicant has the technical capacity and experience to carry on the business of a credit rating agency;(e)a code of conduct where the foreign applicant has adopted and implemented in full the International Organisation of Securities Commission Code on Credit Rating Agencies and, where there is a deviation from the Code, indicate the reason for the deviation;(f)a business plan that includes resumes of the foreign applicant's top management staff and management structure;(g)a brief on the rating methodology, rating grades and free structure;(h)a sample of a standard agreement between the foreign applicant and its clients; and(k)a draft—(i)sample letter of request for rating; and(ii)of the information requirements for rating a security and an issuer.