Belarus: National Bank approves a legal framework for carrying out rating activities

Belarus: National Bank approves a legal framework for carrying out rating activities

The National Bank of the Republic of Belarus (National Bank) has approved Regulation on the Procedures for Organizing and Carrying out Rating Activities (Regulation).

 

The Regulator similarly approved Requirements for the Rating Agency Methodology and the Procedure for Compiling and Submitting Reports and Other Information of the Rating Agency to the National Bank (Instructions).

 

The Regulation defines the legal basis for the implementation of rating activities and the activities of rating agencies in the Republic of Belarus. 

 

The Regulation establishes requirements:

  • a rating agency must meet to be included in the register of rating agencies; and
  • for governing bodies and the controlling body of a rating agency, participants (founders, shareholders) of a rating agency.

 

The Regulation also similarly establishes requirements for:

  • disclosure of information by a rating agency; and
  • safety and protection of information obtained in the course of the activities of a rating agency.

 

Based on the Regulation, a rating agency is not entitled to render consulting services and combine rating activities in the Republic of Belarus with other types of entrepreneurial activity.

 

The Instructions, on the hand, establish the requirements for a rating agency’s methodology, and the procedure for submitting the methodology to the National Bank.

 

Image (flag) by Ronny K from Pixabay

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