2015 No.12 21 New sections inserted in Gap. 24:20 Part V ("Financial Requirements") of the ptincipal Act is amended by the insertion after section 31 of the following sections- "31 A Credit rating of banking institutions (1) At least once a year, at such times as may be determined by the Reserve Bank, every banking institution shall have its financial state assessed or rated by a credit rating agency accredited by the Reserve Bank. (2) The Reserve Bank shall publish guidelines for the accreditation of credit rating agencies and for the circumstances in which their accreditation may be suspended or cancelled. (3) The cost of an assessment or rating under subsection (1) shall be borne by the banking institution concerned. (4) The Reserve Bank may, not more than once in a calendar year, publish a summary of the results of any assessment or rating under subsection (1). 318 Credit reference bureaux to be licensed (1) No person, other than a company licensed by the Registrar, shall(a) (b) carry on the business of providing credit reference senrices; or hold himself or herself out as a credit reference bureau. (2) Any person who contravenes subsection (1) shall be guilty of an offence and liable to a fine not exceeding level ten or to imprisonment for a period not exceeding one year or to both such fine and such imprisonment. 31 C Issue of credit reference bureau licences (1) Any company wishing to carry on the business of providing credit reference services shall apply to the Registrar in the form and manner prescribed for a credit reference bureau licence. (2) An application under subsection ( 1) shall be accompanied by(a) such information and documents as the Registrar may reasonably require for determining the application; and (b) the prescribed fee. (3) Within thirty days after receiving an application under subsection ( 1) and any necessary information and documents, the Registrar shall determine whether or not to license the applicant and within seven days thereafter shall inform the applicant of his or her decision and, in the case of a refusal, of the reasons for his or her refusal. (4) A credit reference bureau licence shall be valid for such period, and shall be subject to such terms and conditions, as may be prescribed or as the Registrar may fix.". 22 New sections substituted for section 32 of Gap. 24:20 Section32 ("Banking institution not to buy or make loans against own shares") of the principal Act is repealed and the following sections are substituted236