The Financial Sector Conduct Authority (“FSCA”) issued communication 17 of 2020 in support of an exemption issued in the public interest by the FSCA for Fitch Ratings to continue to issue sovereign credit ratings (“ratings”).
For Fitch Ratings to issue ratings, it must be able to continue to perform the ratings services in the Republic. The FSCA exercised the powers afforded to it and, based on the motivation received, exempted Fitch Ratings from the provisions of the Act for the issuance of ratings.
This exemption permits Fitch Ratings to perform credit rating services relating to the issuing of sovereign ratings for a period of two years from the date of publication of FSCA CRA Notice 2 of 2020 – 6 April 2022. The exemption also allows certain regulated persons to use sovereign ratings published by Fitch Ratings during the period of exemption for regulatory purposes.
We look forward to hearing from you to further assist with unpacking what this means for your insurance business.
Director: Fathima Khan-Ahmod
Ahmod Consulting (Pty) Ltd
Ahmod Consulting 