Government of pakistan securities and exchange commission of pakistan notification

14. 
Rating and other Disclosures. - 
36
[(1) Save as provided in sub-regulation (3) of 
regulation 16 of these Regulations, the credit rating company shall immediately disseminate all 
ratings assigned by it, whether solicited or unsolicited, except the private ratings, by way of press 
release through Associated Press of Pakistan and All Pakistan Newspapers Society.]
(2) 
The credit rating company shall immediately disseminate all ratings to the securities 
exchanges, the State Bank of Pakistan, the Commission, Mutual Fund Association of Pakistan, 
Pakistan Banking Association, NBFI and Modaraba Association of Pakistan.
(3) 
The credit rating company shall maintain an official website and disseminate on it, 
inter-alia the following:
(a) 
latest pattern of shareholding, showing names of the shareholders, number and 
percentage of shares held by each shareholder or group of shareholders of the credit 
rating company;
(b) 
names of shareholders holding, directly or indirectly,10% or more share in the 
credit rating company;
(c) 
changes in the pattern of shareholding since inception. The changes shall reflect 
names of the previous and subsequent shareholders along with number and 
percentage of shares held;
35
Inserted vide S.R.O. No.1223(I)/2019 dated October 10, 2019. 
36 Substituted for the text “(1) The credit rating company shall immediately disseminate all ratings assigned by it, whether solicited 
or unsolicited, except the private ratings, by way of press release through a news agency and ensure that these are disseminated 
through at least one English and one Urdu language daily newspaper having nationwide circulation.” Vide S.R.O. No.1223(I)/2019 
dated October 10, 2019. 

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(d) 
all criteria, methodologies and procedures regarding the rating including both 
solicited and unsolicited credit ratings and subsequent modification, if any, therein;
(e) 
the rating definition and the symbol related thereto;
(f) 
latest rating report and rating press releases, except the reports and press releases 
relating to private ratings, for at least last five years, containing:
(i) 
names and contact detail of the rating analysts;
(ii) 
purpose of the rating;
(iii) 
in case of secured instrument, quantum and nature of security, nature and 
book value of the assets backing the instrument;
(iv) 
in case of structured finance products, information about the originator like 
its name, its principle business, its brief financial and operating position for 
the last five years, nature of defaults and delay, if any, in repayment of any 
financial obligation during the last five years, nature and value of assets 
backing the instrument, detail of guarantee, if any, or any other additional 
security arrangement, transaction structure, collection mechanism etc.;
[Explanation: Structured finance products mean the instruments resulting 
from the securitization transactions.]
(v) 
in case of unsolicited ratings, the fact that it is unsolicited, the extent of