• COBS 9.15 COBS 9.15 Record keeping

    • COBS 9.15.1

      A Credit Rating Agency must, for a minimum of six years, maintain sufficient records in relation to each activity and function of the Credit Rating Agency and, where appropriate, audit trails of its Credit Rating Activities. These must include, where applicable, the following:

      (a) for each Credit Rating:
      (i) the identity of the Rating Analysts participating in the determination of the Credit Rating;
      (ii) the identity of the individuals who have approved the Credit Rating;
      (iii) information as to whether the Credit Rating was solicited or unsolicited;
      (iv) information to support the Credit Rating;
      (v) the Accounting Records relating to fees and charges received from or in respect of the Rating Subject;
      (vi) the internal records and files, including non-public information and working papers, used to form the basis of any Credit Rating; and
      (vii) credit analysis and credit assessment reports including any internal records and non-public information and working papers used to form the basis of the opinions expressed in such reports;
      (b) the Accounting Records relating to fees received from any person in relation to services provided by the Credit Rating Agency;
      (c) the Accounting Records for each subscriber to the Credit Rating Agency's services;
      (d) the records documenting the established procedures, methodologies, models and assumptions used by the Credit Rating Agency to determine Credit Ratings; and
      (e) copies of internal and external communications, including electronic communications, received and sent by the Credit Rating Agency and its Employees that relate to Credit Rating Activities.

    • COBS 9.15.2

      For the purposes of Rule 9.15.1(a), the six-year period commences from the date the Credit Rating is disclosed to the public or distributed by subscription.

    • COBS 9.15.3

      Information to support a Credit Rating includes information received from the Rating Subject or information obtained through publicly available sources or third parties and verification procedures adopted in relation to information such as those obtained from public sources or third parties. In accordance with GEN 3.3.34-3.3.37, records must be kept in such a manner as to be readily accessible.

    • COBS 9.15.4

      Where a Credit Rating is subject to on-going surveillance and review, the Credit Rating Agency must retain records required under Rule 9.15.1 in relation to the initial Credit Rating as well as subsequent updates where such records are required to support the latest Credit Rating.