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<h1>Restriction on rating of securities: ratings disallowed for issues by promoters or their associates with substantial shareholding.</h1> The Regulations prohibit credit rating agencies from rating securities issued by a promoter or by persons closely linked to a promoter; 'promoter' is defined by a qualifying shareholding in the agency and 'associate' includes bodies corporate in which the promoter holds a qualifying shareholding, with those definitional thresholds determining application of the restriction.