Media Releases
Published Date: 17 January 2012

MAS introduces regulatory framework for Credit Rating Agencies (CRA)

17 January 2012… The Monetary Authority of Singapore (MAS) will implement the regulatory framework for Credit Rating Agencies (CRA) with effect from today.

2   MAS had issued a consultation paper on the proposed CRA regulatory framework in March 2011, as well as conducted discussions with the industry and market practitioners. MAS has carefully considered the responses received and thanks all respondents for their constructive and useful feedback. (Click here (371.5 KB) to view MAS' response to the feedback received).

3   Under the new CRA regulatory framework, the provision of credit rating services will be regulated under the Securities and Futures Act (SFA). CRAs will consequently have to be licensed under the Capital Markets Services (CMS) licensing regime under the SFA and be subject to licensing obligations. CRAs will be required to comply with existing Regulations, Guidelines and Notices under the SFA that apply to all CMS licensees. In addition, CRAs will also have to comply with a new Code of Conduct for CRAs that MAS will introduce in conjunction with the establishing of a regulatory regime for CRAs.

4   MAS will also require CMS licensees providing credit rating services to appoint and register under the Representative Notification Framework any individual who acts as their representative in providing credit rating services. Representatives providing credit rating services will be required to hold at minimum a Bachelor’s degree in a relevant discipline that will allow them to perform the job function effectively.

5   Existing CRAs will be given a transition period of 6 months to apply for the required licence. For more information on the CRA regulation and new requirements, please refer to the following link: