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020401
SECURITIES AND EXCHANGE COMMISION
OF PAKISTAN
Circular No. 6
Reference No. SC/MF-CRC-(Rules)/177/95
Apr. 01 , 2002
Dissemination of Ratings by Credit Rating Companies
1. The Securities and
Exchange Commission of Pakistan (the “Commission”) in exercise of the powers
conferred by sub-section (1) of section 246 of the Companies Ordinance, 1984 (the
“Ordinance”) read with rule 7 and sub-rule (2) of rule 8 of the Credit Rating
Companies Rules, 1995 (the “Rules”) is pleased to direct as follows in the
interest of public and the capital market: -
i) All credit rating companies registered under the Rules, shall publicly
disseminate, through publication in at least one English and one Urdu National Dailies,
all ratings assigned by them, whether solicited by their clients or unsolicited, within
two (2) working days of the notification of such ratings.
ii) An unabridged copy of the rating report following the rating notification shall
be submitted to the Commission and all the Stock Exchanges registered under the Securities
and Exchange Ordinance, 1969 within ten (10) working days of the said rating notification,
unless the Commission has granted prior dispensation, in writing, to maintain
confidentiality of any such rating or rating report.
2. In addition to 1 (ii) above, credit rating companies shall submit to the
Commission and all the Stock Exchanges, a copy each of all rating reports generated in
respect of the ratings assigned by them during the last calendar year (2001), within
fifteen days of the issue of this order.
3. Failure to comply with this order may attract penal action as provided in
sub-section (2) of section 246 of the Ordinance, section 22 read with section 20 and
sub-section 4 of section 32-B of the Securities and Exchange Ordinance, 1969 and rule 6 of
the Rules.
(Sadia Khan)
Executive Directo
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