CAPITAL MARKETS AUTHORITY TENDER AUGUST 2022
PUBLIC NOTICE
THE CAPITAL MARKETS ACT (CAP 485A)
CAPITAL MARKETS (CREDIT RATING AGENCIES) REGULATIONS, 2022
The Authority has reviewed the Capital Markets (Credit Rating Agencies) Guidelines, 2001 in order to enhance best practices on the conduct of credit ratings in Kenya. The review is also aimed at complying with the requirements of the Statutory Instruments Act. The draft Regulations provide for investor protec- tion and increased level of oversight of credit rating agencies by the Regulator.
Following the review, the draft Capital Markets (Credit Rating Agencies) Regulations, 2022 have been developed pursuant to Section 12(1) (h) of the Capital Markets Act, Cap 485A of the Laws of Kenya. The draft Regulations as shall be read with the Act provides for among others licensing and recognition of credit rating agencies, the rating process and monitoring as well as disclosure of rating definitions and rationale. A Regulatory Impact Statement has also been developed pursuant to Section 6 of the Statutory Instru- ments Act.
In accordance with Section 12A (3) of the of the Capital Markets Act and Section 5 of the Statutory Instruments Act, the Authority now invites stakeholders and the general public to submit comments on the Regulatory Impact Assessment and the proposed Capital Markets (Credit Rating Agencies) Regulations, 2022, available on www.cma.or.ke. Kindly submit your proposals for amendments/inclusion by
16 September, 2022 to:
The Chief Executive Capital Markets Authority
P.O. Box 74800-00200 Nairobi 3rd Floor, Embankment Plaza Longonot Road, Upperhill Email: comments@cma.or.ke
Website: www.cma.or.ke