Statistics Act, 1999
R 385
Credit Rating Services Act, 2012 (Act No. 24 of 2012)Chapter 6 : Administration of Act23. Powers and functions of Registrar |
| (1) | The registrar, in addition to the other powers and functions conferred on the registrar in terms of this Act, and subject to subsection (2)— |
| (a) | must supervise and enforce compliance with this Act; |
| (b) | must take such steps as the registrar considers necessary, in accordance with the requirements of this Act and other applicable legislation, to protect investors in their dealings with credit ratings, credit rating services and credit rating agencies; |
| (c) | may by notice require any person, including a registered credit rating agency, to furnish the registrar, within a specified period, with specified information or documents necessary for exercising his or her powers under this Act; |
| (d) | may impose conditions that are consistent with this Act in respect of any registration or approval granted or requirement imposed by the registrar, and may amend or withdraw such conditions; |
| (e) | may, on the written request of a registered credit rating agency, extend any period within which any documentation, information or report must be submitted to the registrar; |
| (f) | must determine the form, manner and period, if a period is not specified in this Act, within which any documentation, information or report that a registered credit rating agency is required to publish, disclose, provide or submit under this Act must be published, disclosed, provided or submitted; |
| (g) | may, despite the provisions of any law, furnish information acquired by the registrar under this Act to any person charged with the performance of a function under any law, including a regulatory authority; |
| (h) | may issue guidelines on the application and interpretation of this Act; and |
| (i) | may take any measures that the registrar considers necessary for the proper performance and exercise of the powers and functions of the registrar for the implementation of this Act, in accordance with the requirements of this Act and other applicable legislation. |
| (2) | The registrar must, in performing his or her powers and functions under this Act or any other applicable law— |
| (a) | act in a manner which— |
| (i) | is compatible with the objects of this Act; and |
| (ii) | is most appropriate for meeting the objects of this Act; and |
| (b) | have regard to— |
| (i) | international regulatory and supervisory standards; |
| (ii) | the principle that a restriction which is placed on a registered credit rating agency, the issuing of credit ratings or the performance of credit rating services, should be proportionate to the purpose for which it is intended; |
| (iii) | the international nature of credit rating agencies, credit ratings and credit rating services; |
| (iv) | the principle that competition between regulated persons should not be impeded or distorted ; and |
| (v) | the need to use resources in the most effective and cost-efficient manner. |
