61Bank may approve rating agencies

1. The Bank may approve a person as a rating agency for the purposes of this Act.

2. In deciding whether to approve a person as a rating agency, the Bank must have regard to the following:

3. the independence of the rating agency:
4. the adequacy of resources available to the rating agency:
5. the credibility and objectivity of the rating agency's methodology:
6. the consistency and comparability of the rating agency's ratings when assessed against ratings industry practice:
7. the adequacy of the rating agency's disclosure of information, including information about its processes, experience, and ownership:
8. relevant international standards, codes, and recommended practices relating to the ratings industry.