Amendments to the Credit Rating Companies Regulation, 2016

The Securities and Exchange Commission of Pakistan amends the Credit Rating Companies Regulation, 2016, to impose shareholding requirements on credit rating companies, including a three-year blocked share period for promoters and directors and a mandatory 25% holding by specified institutional investors for three years. The amendments introduce a prior written approval requirement for any shareholding change exceeding ten percent and establish a one-year transition period with six months of simultaneous ratings when terminating a contract with an existing credit rating agency. Additionally, the rules modify rating review frequencies to an annual basis and require credit rating companies to explain any rating changes of more than two notches within a six-month period.

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GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad, the 19th September, 2022 NOTIFICATION S. R. O. 1755 (I)/2022.- In exercise of the powers conferred by sub-section (1) of
section 169 of the Securities Act, 2015 (Act No III of 2015), the Securities and Exchange
Commission of Pakistan is pleased to make the following amendments to the Credit Rating Companies Regulation, 2016, the same having been previously published in official Gazette vide S.R.O.811(I)/2022, dated June 17, 2022 and also placed on the website of the Commission as required by sub-section (4) of section 169 of the Securities Act, 2015 namely:-

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Lineage: In force

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Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works