Government of pakistan securities and exchange commission of pakistan notification

CHAPTER IV  
ACCOUNTING AND FINANCIAL RECORD  
  
20. 
General. These obligations and duties are in addition to the requirements of the 
Act, the 
44
[Companies Act], the rules and regulations made thereunder and any directives issued 
thereunder in relation to books and records.
  
21. 
Requirements in respect of accounting and other records. (1) A credit rating 
company shall keep accounting and other records as required under the 
45
[Companies Act], and 
the Act;
(2)
A credit rating company shall also maintain the following records:
(i) 
information provided by each of the customer;
(ii) 
correspondence with each customer
(iii) 
ratings assigned to the entities and securities including upgrades and downgrades 
in the ratings so assigned;
43
Omitted the text “and to the Commission” vide S.R.O. No.1223(I)/2019 dated October 10, 2019
44
Substituted for the text “Companies Ordinance 1984” vide S.R.O. No.1223(I)/2019 dated October 10, 2019
45
Substituted for the text “Companies Ordinance, 1984 and shall make them available on its website” vide S.R.O. No.1223(I)/2019 
dated October 10, 2019. 

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(iv) 
minutes of the meetings of the rating committee, deliberations and analysis used to 
reach the rating decision;
(v) 
fee charged to each customer together with the calculations; and
(vi) 
rating criteria, methodology and procedures.
  
22. 
Requirements in respect of annual financial statements. (1) A credit rating 
company shall prepare for each financial years annual financial statements as required under the 
46
[Companies Act].   
  
(2) A credit rating company shall disclose in its audited annual financial statements, the 
following information:
(a) 
its total revenue from rating services and non-rating services separately;
(b) 
customer-wise non-rating revenue of the credit rating company or its holding or 
subsidiary companies, if any, in case where non-rating revenue of the credit rating 
company or its holding or subsidiary companies, if any, from any single customer 
or group is ten percent (10%) or more of its or its holding or subsidiary companies’ 
total revenue; and
(c) 
names of the customers who along with their associates contribute ten percent 
(10%) or more of the total revenue of the credit rating company or its holding or 
subsidiary companies.