Credit rating (Rating) is an activity on providing professional services in the securities market, aimed at determining the creditworthiness of the rating object that can be carried out by a rating agency.
A person acquires the right to define ratings from the date of the issuance of the Certificate on Inclusion into The State Register of Authorized Rating Agencies.
Rating methodology and rating procedure, as well as changes thereto, are approved by the authorized rating agency and sent to the Commission within 5 working days after their approval.
An Authorized Rating Agency must:
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Rating agencies that do not have the status of an authorized rating agency and are interested in obtaining it have the right to send written requests to the Commission regarding the necessity of conducting the competition.
The initiator of the competition is the Commission. The competition is held at least once a year. In case of receipt of no less than two written appeals of rating agencies regarding the necessity of conducting the competition, it is held outright.
The personal composition of the competition commission and changes to its composition are approved by the corresponding decision of the Commission. The quantitative composition of the competition commission is no less than 7 people.
The competition commission consists of representatives of state authorities, professional participants in the securities market and their associations, issuers, scientific institutions, while the number of representatives of professional securities market participants and their associations, issuers, scientific institutions must not be less than 1/3 of the quantitative composition of the competitive commission.
The meeting of the competition commission is eligible if at least 2/3 of the members of the competition commission participate in it.
Applicants who have confirmed in writing their wish to take part in the competition, have submitted the relevant documents and meet the following criteria are admitted to the competition:
More on the terms of participation in the competition, its procedure and dispute resolution can be found here.
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|Положення про конкурс з визначення рейтингових агентств|
Exclusively the authorized rating agencies and/or international rating agencies can define ratings, which are required by law to be obtained. International rating agencies must be recognized by the National Securities and Stock Market Commission.
The following issuers require rating assessment:
For all types of debt and mortgage securities that are not distributed among the founders or among a predetermined circle of persons and may be distributed through public placement, purchased and traded on the stock exchange, with the exception of government securities and securities issued by the State Mortgage Institution rating is required, unless otherwise specified by law.
If the assigned and updated rating is not satisfactory for the rated entity and it has a reason to believe that during the rating procedure significant factors influencing the rating assessment were not considered, the rated entity has the right to submit within 5 working days after receiving the rating a substantiated application and documents to the appropriate authorized body of the authorized rating agency.
After reviewing the application and documents, the relevant authorized body of the authorized rating agency within 5 working days after the receipt of the documents for appeal takes a decision on the assignment or updating of the rating which is not subject to further appeal in the authorized rating agency, however, it may be appealed in accordance with the procedure established by the legislation.
Authorized rating agencies submit (send) annual information to the central office of the Commission by March 1 of the year following the reporting year. Irregular Information must be sent to the central office of the Commission within ten working days of the date of the action.
The submission of information by the authorized rating agencies to the central office of the Commission is carried out in the form of electronic documents. The information is compiled in accordance with the description of sections and schemas of XML files identified by a separate normative-technical document.
The Annual Information is compiled of the following sections:
The annual financial information is appended to the annual information in accordance with the legislation of Ukraine.
Irregular information of the rating agency is:
More information on information disclosure by rating agencies can be found here.
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|Порядок подання інформації уповноваженими рейтинговими агентствами|