Government of pakistan securities and exchange commission of pakistan notification

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(m) 
ensure that rating decisions are consistent with the methodologies, 
procedure and process used in the rating;
(n) 
ensure that proper record of meetings of rating committee including detailed 
minutes and its rating decisions are maintained along with rational for 
assigning the rating, which shall be available for review and inspection by 
the Commission; 
(o) 
keep the following records in support of each credit rating and review 
thereof:
(i) 
summary of discussions with the issuer, its management, auditors 
and creditors which have a bearing on the credit rating;
(ii) 
decisions of the rating committee, including voting details and notes 
of dissent, if any, by any member of the rating committee; and
(iii) 
where a quantitative model is a substantial component of the rating 
process, rationale for any material difference between the rating 
implied by the model and the rating actually assigned.; 
(p) 
ensure that record of all ratings whether active, withdrawn or matured, is 
maintained for a period of not less than ten years and in case of instrument 
rating/grading, the time period of ten years shall be reckoned from the date 
of maturity of such instrument;
(q) 
establish a set of transparent policies, controls and procedures in order to 
ensure consistency of its rating operations;
(r) 
assess whether the existing rating criteria, methodologies and procedures 
for ratings of structured products are appropriate when the risk 
characteristics of the assets backing a structured product change materially 
and where the complexity or structure of any structured product or the lack 
of information about the assets backing the structured product raise the 
questions as to whether the credit rating company has the capability to 
determine a credible rating for the security, the credit rating company should 
refrain from assigning a rating;
(s) 
establish a criteria group, comprising of at least two senior analysts having 
minimum relevant experience of at least five years and headed by CEO, 
which shall be responsible for formulating and reviewing such criteria, 
methodologies and procedures as specified in Annexure G to these 
regulations and such group shall ensure that all new ratings criteria, 
methodologies and procedures and subsequent amendments therein have 

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been made after careful and thorough analysis from both analytical and 
market perspective; and
(t) 
the analysts shall submit their initial analysis reports along with the initial 
indicative ratings to the rating committee.