Government of pakistan securities and exchange commission of pakistan notification

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(e) 
issue rating for entities or obligations for which it does not have appropriate 
information, knowledge and expertise; and
(f) 
[Omitted]
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(g) 
make unsubstantiated claims, in order to induce customers, about qualifications of 
its professional staff or its capabilities to render certain services or its achievements 
concerning services rendered to other customers;
(h) 
get involved in acts of frauds, misrepresentations, oppressive or unethical practices, 
nor shall solicit the customers of any other rating company on implicit or explicit 
assurance of higher rating or any other undue benefit;
(i) 
publish, circulate or distribute any advertisement or any information which is false, 
misleading or deceptive;
(j) 
willfully make false statements or conceal any material fact in any document, report 
or statement furnished to the Commission;
(k) 
make proposals or recommendations regarding the activities of rated entities that 
could impact a credit rating of entity subject to rating
(8) 
[Where a company intends to terminate the rating contract/agreement with existing 
credit rating company and engage another credit rating company, it shall, - 
(a) 
obtain an NOC from the existing credit rating company; or
(b) 
continue the rating contract/agreement with the existing credit rating company for 
a period of one (1) year; and 
(c) 
both the credit rating companies (existing and newly engaged) shall provide credit 
rating simultaneously for a period of six (06) months falling within the period of 
one (01) year as specified in clause (b) of sub-regulation (8) of regulation 10.;
(d) 
at the expiry of 1 year, the agreement with existing credit rating company shall 
stand terminated.]
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11. Duties and Obligations of a credit rating company. - A credit rating company 
licensed under these regulations shall fulfil the following obligations: