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Analysis of the Law of Ukraine “On Rating”
Purpose and Main Provisions
The Law of Ukraine “On Rating” establishes the legal foundations for the creation, dissemination, and use of ratings of various business entities, organizations, and individuals. The purpose of the law is to ensure transparency and objectivity in the evaluation process, as well as to protect the interests of rating consumers.
Definition of the Concept of Rating
The law defines “rating” as a systematized set of information regarding the quality, reliability, or other characteristics of the subject of evaluation, formed based on the analysis of relevant data.
Regulatory Bodies for Rating Activities
The law provides for the establishment of a special regulatory body that oversees the activities of rating agencies. This body is responsible for licensing, monitoring compliance with standards, and investigating potential violations.
Licensing of Rating Agencies
To carry out rating activities, legal entities must obtain a license for the right to conduct evaluations. The criteria for obtaining a license include the presence of qualified specialists, compliance with technical requirements, and financial stability.
Principles of Rating Formation
The law establishes several key principles for the formation of ratings:
- Objectivity: The evaluation must be based on reliable and verified data.
- Transparency: The methods and criteria for evaluation must be publicly accessible.
- Independence: Rating agencies must operate independently of the influence of the subjects being evaluated.
Protection of Information and Confidentiality
The law provides for the protection of confidential information used in the formation of ratings. Rating agencies are required to ensure the protection of personal data and the non-disclosure of commercial secrets.
Liability for Violations
Liability for violations of the law is established, including administrative fines, revocation of licenses, and other measures provided for by the legislation of Ukraine.
Rights and Obligations of Evaluated Subjects
Subjects being evaluated have the right to access the rating methodology, to contest their position, and to submit additional information to the rating agency. They are also obliged to provide accurate data and cooperate with the agencies.
Publication and Use of Rating Data
Rating data may be published in the public domain, provided it does not contradict confidentiality requirements. The law also regulates the use of ratings in market communications and advertising.
Amendments and Supplements to the Law
The procedure for amending the law is clearly defined, including the necessity for public discussions and expert consultations, ensuring the adaptability of legislation to changes in market conditions.
Introductory Provisions and Validity
The law comes into effect from the date of its official publication. The introductory provisions define transitional arrangements for existing rating agencies and preparation for new requirements.[:]
