Regulatory Alerts2020-06-01
FSCA Communication 29 of 2020: Exemption of Banks from Section 4 of the Credit Rating Services Act
The Financial Sector Conduct Authority has published a notice exempting banks from section 4 of the Credit Rating Services Act, 2012. This exemption permits banks to continue relying on credit assessments from eligible external institutions approved by the Prudential Authority, without requiring those agencies to be registered under the Credit Rating Services Act. The temporary measure remains in effect until necessary legislative amendments are finalized, ensuring uninterrupted capital calculation and regulatory compliance.
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