FRA approves creation of national credit rating agencies

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The board of the Financial Regularly Authority (FRA) has agreed to change the rules for holding shares in credit rating agencies, as well as to approve the creation of national credit rating companies after canceling the obligation to have input from international credit rating agencies.

Mohamed Omran, chairman of the Financial Supervisory Authority, told a session, held via video zoom, that the amendment was issued to boost the presence of national credit rating agencies in the non-banking financial sector. and increase their number, which contributes to building the capacity of the sector and creating a competitive environment within the national economy.

Omran also pointed out in its decision that the managing director of these rating agencies and their employees are required to acquire sufficient experience in the field of securities rating or in the field of credit analysis and study solvency, as well as the need to pass certain tests to fill these positions; in addition to the need to fulfill the conditions of experience and competence determined by the authority for employees of key positions in the field of credit analysis and solvency study.

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