Section 14C: Recognition of external credit assessment institution

14C. Recognition of external credit assessment institution (1) Subject to subsection (2), any institution desirous of being recognised by the central bank as an external credit assessment institution shall submit an application for recognition to the central bank in such medium and in such form as the central bank may determine and shall be accompanied by such information or document as may be required for the purpose of determining the application. (2) On 19 July 2008, any institution whose ratings have been authorised by the central bank to be used by banks for capital adequacy purposes shall be deemed to have been recognised by the central bank under this section. (3) The central bank may issue guidelines governing external credit assessment institutions including their recognition, suspension or revocation of their recognition by the central bank and their use by financial institutions. [S. 14C inserted by s. 2 (e) of Act 18 of 2008 w.e.f. 19 July 2008.]