Change of control and status require prior regulatory approval for a credit rating agency to continue operations after restructuring. The regulations define change of status or constitution to include corporate restructuring, change in managing director or whole-time director, and any change in control; and define change in control by reference to takeover rules for listed entities and as a controlling interest of at least fifty-one per cent for others. They further require that a credit rating agency proposing such a change must obtain the prior approval of the Board to continue to act as a CRA after the change.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Change of control and status require prior regulatory approval for a credit rating agency to continue operations after restructuring.
The regulations define change of status or constitution to include corporate restructuring, change in managing director or whole-time director, and any change in control; and define change in control by reference to takeover rules for listed entities and as a controlling interest of at least fifty-one per cent for others. They further require that a credit rating agency proposing such a change must obtain the prior approval of the Board to continue to act as a CRA after the change.
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