The Interim Measures for the Administration of Credit Rating Industry, as approved and adopted at the 16th Governor’s Meeting (Bank Affairs Meeting) of the People’s Bank of China (PBC) on November 23, 2018, the 4th Commission Affairs Meeting of the National Development and Reform Commission (NDRC) of the People’s Republic of China (PRC) on September 10, 2019, the 1st Ministerial Meeting of the Ministry of Finance (MOF) of the PRC on November 19, 2019 and the 4th Commission Meeting of the China Securities Regulatory Commission (CSRC) on November 8, 2019, is hereby issued and shall come into force as from December 26, 2019.
Yi Gang, Governor of PBC
He Lifeng, Director of NDRC
Liu Kun, Minister of Finance
Yi Huiman, Chairman of CSRC
November 26, 2019
Interim Measures for the Administration of Credit Rating Industry
Chapter I General Provisions
Article 1 The Measures is promulgated, in accordance with the Law of the People’s Republic of China on the People’s Bank of China, the Company Law of the People’s Republic of China, the Securities Law of the People’s Republic of China, the Budget Law of the People’s Republic of China, the Regulations on the Administration of Corporate Bonds and other relevant laws and regulations, with a view to regulating credit rating business, protecting the legitimate rights and interests of the parties concerned and promoting the sound development of the credit rating industry.
Article 2 The Measures applies to credit rating business conducted within the territory of the People’s Republic of China. Where there are other provisions in laws and regulations or in regulatory rules on credit rating agencies (hereinafter referred to as “CRAs”) stipulated by relevant administrative authorities, such provisions shall prevail. In the Measures, credit rating is the process of analyzing the credit risks which influence an economic entity or a debt financing instrument and then giving a comprehensive evaluation on the borrower’s solvency and willingness of repayment with predefined grades by CRAs. Credit rating business in the Measures refers to information collection, analysis, evaluation, review, and result release associated with credit rating. CRAs in the Measures are legitimately established social intermediaries that engage in credit rating business. Rated entity refers to a rated economic entity or rated debt financing instrument. Debt financing instruments in the Measures include loans, bonds (local government bonds, financial bonds, debt financing instruments for non-financial enterprises, corporate bonds, enterprise bonds and other bonds), asset-backed securities and other structured financing products, and other debt financing products.
Article 3 In the Measures, “regulatory authorities” include the competent administrative authority of the credit rating industry and administrative authorities of credit rating business. The PBC is designated as the competent administrative authority of the credit rating industry and responsible for supervision and management of credit rating throughout China. The NDRC, the MOF and the CSRC are administrative authorities of credit rating business (hereinafter collectively called “administrative authorities”) to be responsible for supervision and management of such business according to law and within their scope of authority.
Article 4 The competent administrative authority of the credit rating industry shall fulfill the following duties: (1) to study and draft laws and regulations concerning credit rating; (2) to formulate development strategies, plans and policies for credit rating business; (3) to establish principles and fundamental norms for entry of CRAs; (4) to study and formulate policies for the opening-up of the credit rating industry; and (5) to promote the sound development of the credit rating industry.
Article 5 The administrative authorities of credit rating business shall supervise and regulate credit rating business according to relevant laws, regulations and regulatory responsibilities. They can draw up corresponding rules for supervision and management of CRAs when necessary.
Article 6 The competent administrative authority of the credit rating industry and administrative authorities of credit rating business shall establish an inter-authority coordination mechanism to cooperate and jointly strengthen supervision considering their respective duties.
Article 7 The regulatory authorities shall, within the scope of their respective duties, prepare credit profiles for CRAs and their senior officials separately, and publish such credit profiles, rating business information, inspection and administrative penalty and other information on the national credit information sharing platform for the purpose of information disclosure and sharing according to relevant provisions. CRAs shall prepare and maintain credit profiles for their own employees and publish such credit profiles on the national credit information sharing platform for the purpose of information disclosure and sharing according to relevant provisions.
Article 8 When conducting credit rating business, CRAs shall act independently, objectively, impartially, prudently, diligently and honestly without causing any detriment to national interests, public interests or legitimate rights and interests of market entities. They shall also follow the principle of consistency by adopting consistent rating standards and working procedures for rating the same category of entities or tracking and rating the same entity. The rating standards and working procedures, as adjusted from time to time, shall be fully disclosed. CRAs operate independently according to law, free from interference by any unit or individual.
Chapter II Management of Credit Rating Agencies
Article 9 A CRA to be established shall comply with the provisions of the Company Law of the People’s Republic of China, file with a local office of the competent administrative authority of the credit rating industry at the provincial level (hereinafter referred to as the “filing office”) within 30 days of registration approval by the business registration office and submit the following materials: (1) the CRA’s registration form; (2) a copy of Business License; (3) Global Legal Entity Identifier code; (4) description of its ownership structure, including the registered capital, the list of shareholders and the amount of their contributions or shareholdings, shareholders’ holdings in other entities than the agency, and information concerning the actual controllers and beneficial owners; (5) brief introduction to its directors, supervisors, senior executives and credit rating analysts, and supporting documents; (6) statement that no principal shareholders, actual controllers, beneficial owners, directors, supervisors, or senior executives have been sentenced to criminal punishment for the crime of corruption, bribery, embezzlement or misappropriation of property or the crime of undermining the order of the socialist market economy, or have been deprived of political rights for any crime, as well as the credit reports of the principal shareholders, actual controllers and beneficial owners; (7) Information concerning place of business, organizational structure and corporate governance; (8) description of independence, information disclosure and business system; and (9) other materials related to the CRA and relevant natural persons as reasonably required by the competent authority in charge of the credit rating industry for the purpose of protecting investors and safeguarding social and public interests. The filing office may conduct regulatory conversations on policies, regulations and technical abilities with senior executives and major credit rating analysts to evaluate whether they are qualified for credit rating.
Article 10 Where a CRA sets up a branch, within 30 days from the date of establishment, the agency shall file with the original filing office and its newly established branch shall file with the local filing office respectively and submit the following materials: (1) registration form of the CRA’s branch; (2) a copy of Business License of the branch; (3) place of business and organizational structure description of the branch; and (4) brief introduction to the branch’s senior executives and credit rating analysts, and supporting documents.
Article 11 The CRA shall, within 30 days from the date of change or occurrence of the following items, file with the filing office: (1) name of the agency and place of business; (2) shareholders who possess more than 5% of its total contributions or shares, actual controllers and beneficial owners; (3) directors, supervisors, senior executives and credit rating analysts; (4) engaging in credit rating business of a specific market according to relevant laws and regulations, and rules formulated by the authorities in charge of the credit rating industry and business; and (5) ceasing to conduct credit rating business. If the branch of a CRA is subject to change or occurrence of any item as provided in preceding paragraphs (1), (3) and (5), the CRA and its branch shall file with their respective filing office within 30 days from the date of change or occurrence of item.
Article 12 If a CRA is dissolved or declared bankrupt according to law, it shall report to the filing office and handle the credit rating database system as follows: (1) to reach an agreement with and transfer the database system to any other CRA; (2) to hand over the database system to a CRA appointed by the filing office, if the above mentioned transfer fails; or (3) to destroy the database system under supervision of the filing office, if both the above mentioned transfer and handover fail.
Article 13 Where there are other provisions on the qualification of CRAs stipulated by the administrative authorities, such provisions shall prevail.
Chapter III Management of Credit Rating Personnel
Article 14 CRAs shall file with the filing office basic information of their senior officials and credit rating analysts.
Article 15 Once a senior official or a credit rating analyss of a CRA leaves his or her post and is employed by any rated economic entity, issuer of rated debt financing instrument, its client or lead underwriter, the CRA shall examine the credit rating business such personnel had engaged in connection with such entities within two years prior to the resignation. If the rating results are affected, the CRA shall disclose the examination results and the adjustments to the original credit rating results in a timely manner.
Article 16 CRAs shall regularly organize training sessions and tests of professional capabilities for their senior executives and credit rating analysts, take effective measures to improve their employees’ professional ethics and professional skills and keep a record of such training sessions and tests.
Chapter IV Credit Rating Procedures and Business Rules
Article 17 CRAs shall annually inspect and evaluate the effectiveness of their internal control system, put forward measures to address problems identified and submit the inspection and evaluation reports to the regulatory authorities within four months from the end of each fiscal year.
Article 18 CRAs shall establish a sound credit rating system to specify the classification and definition of credit grades, rating approaches and procedures, rating quality control, due diligence, credit rating review committee, release of rating results, and tracking rating, etc.
Article 19 Before commencing a credit rating project, the CRA shall sign a rating agreement with its client to clarify the rights and obligations of the two parties.
Article 20 When conducting credit rating business, CRAs shall form a project team and arrange adequate experienced analysts for each credit rating project. Team members shall have relevant work experience or knowledge structure required by the credit rating project, and the project leader shall have sufficient experience and have been engaged in credit rating business for at least three years.
Article 21 CRAs shall conduct due diligence and make necessary assessments on the rated entity to make sure that the information required for the rating comes from a reliable source and fully meets the requirements of application. Besides, a detailed outline shall be made before investigation. During the due diligence, CRAs shall prepare and archive working papers as credit rating materials.
Article 22 The project team shall lawfully collect, examine, validate and objectively analyze relevant documents from the rated entity and provide preliminary evaluation results on this basis.
Article 23 The preliminary results shall be reviewed at three levels, namely, first review by the credit rating team, secondary review by the competent department and tertiary review by the company. Each review shall be independent, and documents of three reviews shall be archived as required.
Article 24 CRAs shall form an internal credit review committee, which may convene review meetings to deliberate and finalize the credit rating results by vote. CRAs shall arrange adequate qualified personnel to attend the review meetings on a case-by-case basis.
Article 25 CRAs shall report the credit rating results to the client, and the client shall give feedback within the specified time limit. If the client, the rated economic entity and the issuer of rated debt financing instrument are not the same, the CRA shall also disclose the credit rating results to the latter two parties. In case of any objection to the credit rating results from any of the above three parties, with sufficient and valid supporting materials provided to the CRA, they may apply for re-rating within a specified time limit.
Article 26 The credit rating results announced by CRAs about the rated debt financing instrument and the rated economic entity shall: (1) include credit rating and credit rating report and indicate credit rating of the rated entity and the validity period with concise and clear language; (2) comply with the provisions of Article 38 hereof; (3) be disclosed one by one in case of multiple results. Where there are other provisions stipulated by administrative authorities of credit rating business, such provisions shall prevail.
Article 27 Within the validity period of the credit rating results, CRAs shall track the rating of the rated entity and clarify the arrangements for tracking when the credit rating agreement is signed. If the rating results maintain valid for more than one year, CRAs shall track the rating once a year and release tracking results timely. Where there are other provisions stipulated by administrative authorities of credit rating business, such provisions shall prevail.
Article 28 Where any major events occur within the validity period of the rating results which may influence the rated entity’s solvency and willingness of payment, CRAs shall track the rating irregularly and release tracking results timely.
Article 29 CRAs shall establish an archive management system for rating business. Archives shall include the letter of authorization to conduct rating business, source materials as the basis for issuing a rating report, working paper, preliminary review report, rating report, voting opinions of the internal credit review committee and minutes, tracking rating information and tracking rating reports. Archives shall be kept until five years after the expiration of the credit rating agreement or the expiration of the existence or default of the rated entity (in any event, for no less than 10 years).
Article 30 CRAs shall develop confidentiality systems to ensure that CRAs and their personnel keep confidential the state secrets, trade secrets and personal privacy that they have come to know when conducting credit rating business and handling the database system. The information collected by CRAs within the territory of China shall be sorted out, saved and processed in China. When providing information to an overseas organization or individual, the CRAs shall comply with relevant laws and regulations, and rules formulated by the regulatory authorities.
Article 31 Under any of the following circumstances, CRAs may terminate or revoke the rating: (1) the rated economic entity and issuer of rated debt financing instrument refuse to provide critical materials necessary for the rating, or the materials provided contain false records, misleading statements or major omissions; (2) the rated economic entity is dissolved or declared bankrupt according to law; (3) the rated debt financing instrument ceases to exist; (4) other circumstances under which the rating can’t be normally performed. If the rating is terminated or revoked for any of the aforesaid reasons, CRAs shall make announcements timely and give an explanation.
Article 32 CRAs shall be prohibited from the following acts: (1) falsifying relevant information or distort rating results; (2) soliciting business by promising to share investment gains or losses, give high ratings and charge low fees, defaming peers or other means; (3) allowing other institutions to carry out credit rating business in their name through subordination or outsourcing; (4) engaging in illegitimate transactions or commercial bribery with the rated economic entity, the issuer of rated debt financing instrument or other related third parties; (5) providing consultancy or advisory services to the rated economic entity, the issuer of rated debt financing instrument or other related third parties; (6) racketeering the rated economic entity, the issuer of rated debt financing instrument or other related third parties; (7) violating rules for credit rating business, impairing legitimate rights and interests of investors and rated entities, and other acts that damage the reputation of the credit rating industry.
Chapter V Requirements for Independence
Article 33 CRAs and their personnel shall give credit rating results based on sufficient analysis of the risks faced by economic entities and debt financing instruments to prevent the rating results from being adversely influenced by other business practices.
Article 34 Where a CRA is involved in any of the following circumstances with the rated entity or the issuer of the rated debt financing instrument, it shall not conduct rating business: (1) The CRA and the rated entity or the issuer of the rated debt financing instrument are controlled by the same actual controller, or have more than 5 percent of their shares held by a same shareholder; (2) The rated entity, the issuer of the rated debt financing instrument or its actual controller holds directly or indirectly more than 5 percent of the capital contribution or shares of the CRA; (3) The CRA or its actual controller holds directly or indirectly more than 5 percent of the capital contribution or shares of the rated entity or the issuer of the rated debt financing instrument; (4) The CRA or its actual controller buys or sells securities or other products issued by the rated entity or the issuer of the rated debt financing instrument within six months prior to the commencement of the rating and during the rating; (5) Other circumstances that affect the independence of the CRA.
Article 35 CRAs shall establish a withdrawal system. Under any of the following circumstances, credit rating personnel shall withdraw where required during rating: (1) The credit rating personnel or their immediate families are the actual controller, or hold more than 5 percent of the capital contribution or shares of the rated entity or the issuer of the rated debt financing instrument; (2) The credit rating personnel or their immediate families serve as the director, supervisor or senior official of the rated entity or the issuer of the rated debt financing instrument; (3) The credit rating personnel or their immediate families act as the leader or authorized signatory of the accounting firm, law firm, financial consultant or other service provider employed by the rated entity or the issuer of the rated debt financing instrument; (4) The credit rating personnel or their immediate families hold more than RMB500,000 of securities issued by the issuer of the rated debt financing instrument or the rated entity, or the trading volume between them have exceeded RMB500,000 accumulatively; (5) Other circumstances determined by the regulatory authorities to affect the principles of independence, objectivity and impartiality.
Article 36 CRAs shall establish a sound corporate governance mechanism to ensure that principal shareholders and actual controllers will not affect the independence of credit rating by virtue of the proportion of capital contribution, equity share or right to vote. CRAs shall also establish a specific and reasonable internal organizational structure and a sound firewall to make sure that the credit rating department is independent of other departments such as marketing. CRAs shall set up an independent compliance department to monitor and report on the compliance of themselves and their employees.
Article 37 The compensation of credit rating employees shall not be associated with ratings of the rated entity or the issuance of the debt financing instrument.
Chapter VI Requirements for Information Disclosure
Article 38 CRAs shall disclose information on their official websites and the websites designated by the regulatory authorities.
Article 39 CRAs shall disclose basic information as follows: (1) the basic information of CRAs and their business scope; (2) shareholders and their amount of contribution or shareholdings, way and proportion of capital contribution, explanation of whether shareholders are associated with each other, and change of shareholders’ ownership; (3) internal control system to ensure high quality ratings; (4) rating grades, rating approaches, rating models and critical assumptions adopted in the rating report. The extent of disclosure shall be limited to reflect the reliability of the rating and shall neither involve trade secrets nor impede innovations. In case of any change of the above items, reasons for the change and its influence on rated project shall be disclosed.
Article 40 CRAs shall disclose independence related information as follows within four months from the end of each fiscal year: (1) annual internal review results of independence; (2) rotation policy for credit rating analysts; (3) list of clients ranking top 20 or accounting for more than 5% of the rating income in the fiscal year; (4) consultancy or advisory services provided by the affiliated company of CRAs to the rated economic entity, the issuer of rated debt financing instrument or other related third parties; (5) other additional services provided by CRAs to the rated economic entity, the issuer of rated debt financing instrument or other related third parties. The information indicated in item (3), which has been filed by CRAs with the regulatory authorities within specified time limit, may be exempted from disclosure.
Article 41 CRAs shall disclose the following information related to rating quality: (1) default rate and change of credit rating with a period of validity of one year, three years and five years respectively; (2) decision on and reasons for termination or revocation of credit rating; (3) other information which should be disclosed according to law.
Article 42 CRAs shall disclose the primary source of information as the basis for conducting credit rating business.
Article 43 CRAs shall disclose the information about the third party employed to perform due diligence.
Article 44 When conducting credit rating on structured financing products, CRAs shall continuously update ratings and timely disclose the rating approaches, rating models and critical assumptions according to paragraph (4) of Article 39.
Chapter VII Regulatory Management
Article 45 The regulatory authorities and their local offices are responsible for the supervision of CRAs in accordance with laws, regulations, and the Measures and may take the following measures: (1) to visit CRAs for on-site inspection; (2) to ask organizations and individuals to explain relevant matters as required; (3) to search and duplicate related documents and materials and seal up those that may be removed, destroyed, concealed or falsified; (4) to check the credit rating database system; (5) to conduct other on-site inspections.
Article 46 On-site inspection shall involve the following items: (1) the consistency between the filed information and the realities; (2) the consistency between the credit rating business and rating models, procedures and approaches; (3) internal management; (4) management of independence; (5) information disclosure; (6) the implementation of regulatory provisions promulgated by the regulatory authorities; (7) other items deemed necessary to be inspected by the regulatory authorities.
Article 47 On-site inspection procedures shall comply with the regulatory provisions promulgated by the regulatory authorities. CRAs and their employees shall cooperate with each other to provide authentic documents and materials without concealment, rejection or impediment.
Article 48 CRAs shall comply with relevant rules to submit to the regulatory authorities and their local offices credit rating results, credit rating reports, statistical statements, default rate, audited financial statements and reports on credit rating in the fiscal year, and shall be liable for the authenticity, accuracy and completeness of these materials.
Article 49 The regulatory authorities and their local offices shall monitor, analyze and sort out the submissions from CRAs. Problems once found shall be handled according to relevant provisions of the Measures.
Article 50 The competent administrative authority of the credit rating industry shall establish a default rate checking system and reporting mechanism for ex-post regulation on credit rating results.
Article 51 Based on the results of on-site inspection and off-site supervision, the competent administrative authority of the credit rating industry may formulate and publish regulatory reports in due course.
Article 52 The regulatory authorities and their local offices may summon CRA directors, supervisors and senior officials for a meeting when the regulatory need arises, and require that they give explanations on major issues.
Chapter VIII Legal Responsibility
Article 53 Any officials of the regulatory authorities and their local offices who divulge state secrets or trade secrets, or engage in malpractices for personal gains, abuse power or neglect duties shall be given administrative sanctions according to law, or who is suspected of committing a crime shall be transferred to judicial authorities for criminal prosecution according to law.
Article 54 CRAs or their personnel that violate the Measures shall be punished in accordance with the provisions of this Chapter. Where there are other provisions stipulated by regulatory authorities, such provisions shall prevail.
Article 55 CRAs which fail to file their business with a competent agency shall make corrections within the stipulated time limit under the instruction of the competent administrative authority of the credit rating industry or its local office at the provincial level and be fined 50 percent of the proceeds from rating business during the unrecorded period; if no income is earned from rating business or the proceeds cannot be calculated, a fine of RMB500,000 to RMB2 million shall be imposed. CRAs which fail to make corrections within the time limit shall be fined 1 time to 3 times of the proceeds from rating business during the unrecorded period; if no income is earned from rating business or the proceeds cannot be calculated, a fine of RMB2 million to RMB5 million shall be imposed.
Article 56 CRAs which fail to file the information about their personnel with a competent agency shall make corrections within the stipulated time limit under the instruction of the competent administrative authority of the credit rating industry or its local office at the provincial level and be fined 50 percent of the proceeds from rating business during the unrecorded period; if no income is earned from rating business or the proceeds cannot be calculated, a fine of RMB200,000 to RMB500,000 shall be imposed. CRAs which fail to make corrections within the time limit shall be fined 1 time to 3 times of the proceeds from rating business during the unrecorded period; if no income is earned from rating business or the proceeds cannot be calculated, a fine of RMB500,000 to RMB2 million shall be imposed.
Article 57 CRAs which conceal information or submit false information shall be refused by the competent administrative authority of the credit rating industry or its local office at the provincial level for registration or shall be deregistered; CRAs which have been engaged in rating activities shall be fined 50 percent of the proceeds from rating business during the falsely recorded period; if no income is earned from rating business or the proceeds cannot be calculated, a fine of RMB500,000 to RMB2 million shall be imposed. In case of gross violation, a fine of 1 time to 3 times of the proceeds from rating business during the falsely recorded period shall be imposed; if no income is earned from rating business or the proceeds cannot be calculated, a fine of RMB2million to RMB5 million shall be imposed.
Article 58 CRAs which violate the Measures and take any of the following acts: (1) failing to conduct credit rating business according to legal procedures and business rules; (2) violating the requirements of independence; (3) failing to disclose information as required or disclosing false information, shall be warned by regulatory authorities or their local offices and be fined 50 percent of the proceeds from relevant rating business; if no income is earned from rating business or the proceeds cannot be calculated, a fine of RMB500,000 to RMB2 million shall be imposed. In case of gross violation or refusal to make corrections, a fine of 1 time to 3 times of the proceeds from rating business shall be imposed; if no income is earned from rating business or the proceeds cannot be calculated, a fine of RMB2 million to RMB5 million shall be imposed. The personnel directly responsible shall be warned and fined RMB30,000 to RMB100,000.
Article 59 CRAs which violate the Measures and take any of the following acts: (1) refusing or obstructing regulatory authorities or their local offices to carry out inspection or supervision, or failing to provide authentic documents and materials; (2) failing to submit reports and other materials to regulatory authorities or their local offices as required; (3) violating other provisions of the Measures, shall be warned by regulatory authorities or their local offices or fined RMB30,000; those who fail to make corrections shall be fined RMB10,000 per day from the date of violation.
Article 60 Personnel of CRAs who violate the Measures and take any of the following acts: (1) engaging in a part-time job that have conflicts of interest with the credit rating business; (2) transferring or accepting illegitimate benefits by means of gifts or rebates; (3) accepting any gifts or cash from the rated economic entity, the issuer of rated debt financing instrument or other related parties, or engaging in any activities conducted by the above mentioned parties that may affect the independence, objectivity and impartiality of the rating results; (4) violating the relevant provisions of Article 35 hereof; (5) leaving their posts and being employed by any rated economic entity, issuer of rated debt financing instruments, CRAs’ clients or lead underwriter without notifying the CRA, shall be warned by regulatory authorities or their local offices and be fined 50 percent of the illegal proceeds; if no illegal proceeds are earned or the illegal proceeds cannot be calculated, a fine of RMB500,000 to RMB2 million shall be imposed. In case of gross violation, a fine of 1 time to 3 times of illegal proceeds shall be imposed; if no illegal proceeds are earned or the proceeds cannot be calculated, a fine of RMB2 million to RMB 5million shall be imposed; those who are suspected of committing a crime shall be transferred to judicial authorities for criminal prosecution according to law.
Article 61 CRAs which seriously damage the interests of investors, clients or rated entities due to intentional acts or gross negligence shall be warned by regulatory authorities or their local offices and be fined 1 time to 3 times of the proceeds from relevant rating business. If no proceeds are earned or the proceeds cannot be calculated, a fine of RMB2 million to RMB5 million shall be imposed; the personnel directly responsible shall be warned and fined RMB30,000 to RMB100,000.
Article 62 The regulatory authorities shall establish a credit evaluation mechanism in accordance with the Measures to regularly evaluate the acts of CRAs and their personnel and include the evaluation results into their credit archives. CRAs with poor credit evaluation results will be punished with disciplinary measures such as public notification to the market. The competent administrative authority of the credit rating industry shall work with administrative authorities of credit rating business to improve the mechanism of joint incentives for trustworthiness and joint punishment for dishonesty, and establish the "List of CRAs and Their Personnel Subject to Punishment for Dishonesty" administration system, based on which different disciplinary measures can be taken depending on the severity of violation. CRAs and their Personnel with serious violation shall be listed in the above mentioned List, made public on the market and given joint punishment by multiple authorities. Those involving cases of gross violation shall be prohibited from operation or entry to the market.
Article 63 CRAs which violate the Measures and receive administrative punishments shall be made public by regulatory authorities through “Credit China” website or other channels according to law.
Chapter IX Supplementary Provisions
Article 64 Self-regulatory organizations of CRAs shall conduct self-regulation according to law and accept the supervision and guidance of regulatory authorities.
Article 65 CRAs which have been engaged in credit rating business before the Measures are enacted shall file with relevant filing offices according to the Measures within six months from the date of implementation.
Article 66 Internal credit rating results of non-CRAs for operating their own business shall not be disclosed to others.
Article 67 Solicited rating means the credit rating conducted by CRAs on relevant economic entities or debt financing instruments without entrustment based on the information collected through public channels about the rated entities. For solicited rating, Article 19, Article 25, Article 26, Article 27 and Article 28 are not applicable.
Article 68 If the rating results will not be disclosed according to the rating agreement, Article 26, Article 27 and Article 28 hereof are not applicable for relevant rating business.
Article 69 The application by foreign CRAs for conducting business in China shall be handled in accordance with the rules and regulations of the regulatory authorities.
Article 70 Beneficial owners in the Measures refer to a natural person who ultimately owns or controls a CRA, including the natural person who directly or indirectly owns more than 25 percent of corporate equity or voting rights, or effectively controls or actually influences the company’s decision-making, operation and management in other ways.
Article 71 The Measures shall be jointly interpreted by the competent administrative authority of the credit rating industry and administrative authorities of credit rating business.
Article 72 The Measures shall come into force as from December 26, 2019.
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