Regulatory Alerts2004-11-16
Guidelines on the Approval and Registration of Credit Rating Agencies
These guidelines establish the framework for the approval and registration of credit rating agencies by the Capital Markets Authority to enhance corporate debt market transparency. Applicants are required to maintain a minimum paid-up capital of Kshs. 12 million, demonstrate professional capacity and proven rating methodologies, and provide evidence of institutional shareholding or strategic support from an internationally recognized rating entity. Furthermore, authorized agencies must strictly adhere to confidentiality protocols, maintain internal checks for objectivity, and publicly disclose fee structures and rating actions.
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