The Board of the National Bank of Belarus has approved rules governing the operation of branches of foreign credit rating agencies in Belarus. The relevant regulations were signed on 20 July by the bank’s chairman, Raman Halouchanka.
The regulations establish the procedures for opening and closing branches of foreign credit rating agencies, maintaining their register, setting operational requirements for the branches, and handling the National Bank’s administrative procedures related to the opening and closure of branches.
A branch will be considered officially established and authorised to conduct rating activities from the date the National Bank adopts the relevant decision and enters it into the register. The National Bank will verify whether the foreign agency seeking to open a branch, the branch’s name, and its website comply with Belarusian legislation.
To open a branch, a foreign credit rating agency must meet several requirements:
- its country of registration must have a legal framework regulating rating activities;
- there must be a competent regulatory and/or supervisory authority in that jurisdiction;
- the agency must have at least five years of documented experience conducting regular credit rating activities.
“In general, the regulation of branch activities will follow approaches similar to those already implemented by the National Bank for the regulation of Belarusian credit rating agencies, while taking into account the specific nature of branch operations,” the National Bank’s press service said.
The regulations will enter into force following their official publication.
