(August 24, 2007 the 50th of China Securities Regulatory Commission announced come into force on September 1, 2007) contents chapter I General provisions chapter II business licensing rules the fourth chapter Chapter business supervision and management of the fifth chapter legal liability sixth chapter supplementary articles article I of chapter I General provisions in order to promote the orderly development of securities market credit rating services, improving the efficiency and transparency of the securities market, protect the legitimate rights and interests of investors and the public interest, based on the
The Securities Act, these measures are formulated. Second credit rating credit rating agencies engaged in securities market operations (hereinafter referred to as securities rating business), shall, in accordance with the regulations, to the China Securities Regulatory Commission (hereinafter referred to as the China Securities Regulatory Commission) apply for and obtain a securities rating business permit.
Without China's SFC securities rating business permit, no entity or individual may engage in securities rating business. This approach by said securities rating business, is refers to on following rating object carried out funding letter rating service: (a) China SFC law approved issued of bonds, and assets support securities and other fixed Returns or debt type structural financing securities; (ii) in securities exchange listed trading of bonds, and assets support securities and other fixed Returns or debt type structural financing securities, bonds except; (three) this paragraph subsection (a) items and subsection (ii) items provides of securities of issued people, and listed company, and non-listed public company, and
Security companies, security investment fund management companies (d) other ratings provided by the CSRC.
Third section of China Securities Regulatory Commission licensed credit rating agencies securities rating business (hereinafter referred to as the securities rating agency), engaged in securities rating business, and shall observe the principles of independence, objectivity and impartiality. Fourth securities rating agencies engaged in securities rating business, should follow the principles of consistency, on the same kind of rating rating, rating or rating on the same object tracking, and consistent standards and procedures should be used.
Adjustment of the classification standards should be fully disclosed.
Article fifth securities rating agencies engaged in securities rating business, should develop a scientific methodology and perfect quality control system, adherence to industry standards, professional ethics and business rules, conscientious and careful analysis.
Article sixth of China Securities Regulatory Commission and its agencies shall conduct supervision on securities rating business activity management.
Securities Association of China according to law on securities rating business activity management. Second chapter business license seventh article application securities rating business license of funding letter rating institutions, should has following conditions: (a) has China corporate qualification, real received capital and net worth are many Yu Yuan 20 million Yuan; (ii) has meet this approach provides of senior management personnel not less than 3 people; has securities practitioners qualification of rating practitioners many Yu 20 people, which including has 3 years above funding letter rating business experience of rating practitioners many Yu 10 people, Has China registered accountants qualification of rating practitioners many Yu 3 people; (three) has sound and run good of internal control mechanism and management system; (four) has perfect of business system, including credit grade divided and the defined, and rating standard, and rating program, and rating Committee system, and rating results announced system, and track rating system, and information confidential system, and securities rating business archives management system,; (five) recently 5 years not by criminal punishment, recently 3 years not for illegal business by administrative punishment,
There is no suspicion of illegal business, crime is under investigation; (vi) in the last 3 years tax, business, financial and other administrative organs, as well as self-regulatory organizations, institutions such as commercial banks without bad credit records; (VII), the China Securities Regulatory Commission to protect investors and safeguard public interests under other conditions. Eighth article funding letter rating institutions is responsible for securities rating business of senior management personnel, should has following conditions: (a) made securities practitioners qualification; (ii) familiar funding letter rating business about of expertise, and legal knowledge, has perform duties by need of business management capacity and organization coordination capacity, and through securities rating business senior management personnel qualification test; (three) no company law, and securities method provides of ban served case; (four) not was financial regulatory institutions take market ban into measures, or ban into period has full
(V) the last 3 years not by the administrative penalties for illegal business, there is no suspicion of illegal business, crime are under investigation; (f) integrity, good character, last 3 years tax, business, financial and other administrative organs, as well as self-regulatory organizations, institutions such as commercial banks without bad credit records.
Prescribed in the preceding paragraph positions foreigners should also be within the territory of China or Hong Kong, Macao and other areas and not less than 3 years.
Nineth article application securities rating business license of funding letter rating institutions, should to China SFC submitted following material: (a) application report; (ii) enterprise corporate license copies; (three) company articles; (four) shareholders roster and funded amount, and funded way, and funded proportion, and background material, shareholders Zhijian whether exists associated relationship of description; (five) by has securities, and futures related business qualification of Accountants firm audit of financial report;
(Vi) description of senior management and rating in China and its supporting documents; (VII) internal control mechanisms, the description of the management system and its implementation; (h) the description of the business system and its implementation and (IX) other materials prescribed by the CSRC.
Article tenth of China Securities Regulatory Commission in accordance with the statutory conditions and procedures, according to the principle of prudent supervision, fully taking into account market developments and the need for fair competition, credit rating agencies securities rating business permit application for review and decision.
Chapter III business rule 11th securities rating agencies shall from the date of acquisition of securities rating business permit, within 20th Division and definition of its credit rating, rating, rating program the China Securities Industry Association record, and through the China Securities Industry Association Web sites, this Web site and other public media announced to the public.
Credit rating Division and adjustment of the definitions, methodology and rating procedures should be filed in a timely manner, notice.
12th article securities rating institutions and rating object exists following interest relationship of, shall not trustee carried out securities rating business: (a) securities rating institutions and by rating institutions or by rating securities issued human same actual control people by control; (ii) same shareholders holds securities rating institutions, and by rating institutions or by rating securities issued people of shares are reached 5% above; (three) by rating institutions or by rating securities issued people and actual control people directly or indirect holds securities rating institutions shares reached 5% above;
(D) securities rating agencies and its actual control directly or indirectly held by rating issuers of securities or shares of more than 5% by rating agencies; (v) securities rating agencies and its actual controller in securities rating business within 6 months prior to the sale of rated securities; (vi), the China Securities Regulatory Commission to protect investors and safeguard public interests identified in other circumstances. 13th a securities rating agency system should be established. Securities rating institutions rating Committee members and the rating practitioners in carried out securities rating business during has following case one of of, should avoided: (a) I, and immediate family holds by rating institutions or by rating securities issued people of shares reached 5% above, or is by rating institutions, and by rating securities issued people of actual control people; (ii) I, and immediate family served as by rating institutions or by rating securities issued people of Director, and prison thing and senior management personnel; (three) I, and
Immediate family served as by rating institutions or by rating securities issued people appointment of Accountants firm, and lawyer firm, and financial consultant, securities service institutions of head or project signed people; (four) I, and immediate family holds by rating securities or by rating institutions issued of securities amount over 500,000 yuan, or and by rating institutions, and by rating securities issued people occurred cumulative over 500,000 yuan of trading; (five) China SFC finds of enough to effect independent, and objective, and just principles of other case.
14th a securities rating agencies should establish clear and reasonable organization structure, divide the internal agency functions, establishes the perfect firewall system, engaged in securities rating business should maintain independence with other business units of the business.
Securities rating agency system of personnel appraisal and compensation, should not affect the rating in China according to the independent, objective, fair and consistent operating principles.
Securities rating agencies should designate securities rating business legal compliance checks and reports to the registration agency of the China Securities Regulatory Commission.
15th securities rating agencies securities rating service, it shall establish a project team, project team leader should have the securities practice qualification and credit rating services for more than 3 years.
Project group visits, analysis of the rating, the evaluation report, and the data content of the file on the basis of authenticity, accuracy, and completeness of verification and certification.
16th securities rating agencies shall establish a Committee system, rating Committee is to determine the highest rating credit-rating agencies.
Committee to review the evaluation report submitted by the project group, resolution, determine your credit rating. 17th a securities rating agencies review system should be established. Securities rating agencies entrusted to carry out securities rating business, after in determining credit ratings, credit rating should be informed by rating agencies or by rating issuers.
Rating agencies or disagrees with the rating issuers on credit rating may apply for review.
Securities rating agencies to accept applications for review, shall convene a Committee meeting reviewed, make a resolution to determine the final rating. 18th securities rating agency rating results for systems should be established.
Ratings should include credit ratings ratings and rating reports.
Evaluation report should be in simple and clear language, rating the credit rating of a clear explanation of the object, and signed by the senior managers subject to this regulation. 19th a securities rating agency shall establish and track rating system. Securities rating agencies should be in the ratings issued by ratings report for the first time, explicitly track rating matters.
Rating during object is valid, the securities rating agencies should keep track of rating policy environment, industry risk, significant changes in business strategy, financial position and other factors, timely analysis of the impact of the change on credit rating a rating object, regular or irregular track rating report issued.
Article 20th by rating agencies or commissioned by rating issuers on the rating report issued by securities rating agencies disagree, entrust other securities rating agency rating report issued, the original trustee securities rating institutions and trustee securities rating agencies should also now published ratings.
21st securities rating agencies should adopt effective statistical methods, verify accuracy and stability of ratings results and statistics by the China Securities Industry Association Web site and the Agency's Web site announced to the public. 22nd securities rating agency shall establish a securities rating business information security systems.
In carrying out securities rating business activity known to State secrets, business secrets and personal privacy, securities ratings agencies and their employees shall perform the obligation of confidentiality. 23rd securities rating agencies securities rating business archive management system should be established.
Business record should include the trustee securities rating business attorney, rating reports issued are based on the original data, working papers, evaluation reports, ratings, rating Committee vote and meeting records, tracking, rating information, track rating report. Files should be saved to a rating contract expires after 5 years, or rating expires 5 years after the existence of the object.
Business records retention periods shall be not less than 10 years.
24th the securities rating agency shall establish a security rating in China and management system of personnel training, training activities and take effective measures to improve the personnel's professional ethics and professional level.
Supervision and administration of the fourth chapter 25th securities rating agency directors, supervisors and senior management officers and rating employees shall not in any way affected by rating agencies or by rating issuers part-time.
26th a securities rating agencies ' directors, supervisors and senior management officers shall not invest in other securities ratings agencies.
27th article securities rating institutions should in following matters occurred change of day up 5 a days within, reported registered to China SFC sent institutions record: (a) institutions name, and residence; (ii) Director, and prison thing, and senior management personnel; (three) actual control people, and holding 5% above equity of shareholders; (four) internal control mechanism and management system, and business system; (five) China SFC provides of other matters.
28th securities rating agency shall not alter, resell, lease, lend securities rating business permit, or any other form of illegal transfers of securities rating business permit.
29th a securities rating agency shall not offer any financing or guarantees.
Stock control system of rating agencies, shareholders, directors, supervisors and senior management officers shall observe, may not hurt the securities rating agencies and rating activities of the legitimate rights and interests. 30th a securities rating agency shall, within 4 months of the end of each fiscal year, submit to the registration agency of the China Securities Regulatory Commission annual report. Annual report should include the basic situation of the Agency, management, securities and futures related qualification portfolio of audit of financial and accounting reports, major litigation, rating accuracy and stability of the results of statistics, and so on.
Securities rating agencies ' directors and senior managers should sign a written confirmation of the annual report; the report content, opinion and reasons to be indicated.
Securities rating agency shall within 10 working days of the end of each quarter, submit to the registration agency of the China Securities Regulatory Commission included business, financial data, and other content of quarterly reports.
Affects or may affect the management of this institution when a significant event, the securities rating agency shall immediately submit to the registration agency of the China Securities Regulatory Commission interim report, indicating the cause of the incident, current status, and its possible consequences.
31st within the Agency of the China Securities Regulatory Commission on securities rating agencies should control and management system, management and operations, risk status, business activities, financial status and other off-site or on-site inspection.
Securities rating institutions and persons concerned shall cooperate with the inspections, provision of information, the information shall be true, accurate and complete.
32nd securities rating agencies and employees in violation of the regulations, agency of the China Securities Regulatory Commission shall be filed with the securities rating agency issued a letter of warning, responsibility or senior management staff to monitor the conversation, ordered rectification.
Securities rating agency fails to correct it, by the China Securities Regulatory Commission, without reason the rating report issued by. 33rd securities rating agencies no longer meets the conditions for securities rating business permit, shall immediately report to the registration agency of the China Securities Regulatory Commission in writing in accordance with the notice. Agency of the CSRC shall order rectification, rectification period shall not be engaged in securities rating business.
Still does not meet the criteria of the expiry, the CSRC withdraw securities rating business permit. Senior managers of the securities ratings agencies do not meet the required conditions, deadline should be replaced.
Overdue change, agency of the China Securities Regulatory Commission shall order the securities rating agency reform, rectification period shall not be engaged in securities rating business.
Article 34th securities rating agencies should join the Securities Association of China.
Securities Association of China should develop securities rating agencies ' self-discipline guidelines and norms of practice, to comply with self-regulatory codes and norms of behavior of practice discipline.
Securities Association of China shall establish a securities rating agencies and their employees engaged in securities rating business databases and files.
Fifth chapter legal liability article 35th of China Securities Regulatory Commission made securities rating business permit, without engaging in securities rating business, according to the securities law No. 226 of the provisions of the second paragraph.
Article 36th securities rating agencies and their employees without due diligence, the documents issued by any false record, misleading statement or material omission, according to the securities provided for in Act No. 223.
37th securities rating agency employees, intentionally provided false information to entice investors to buy or sell securities, according to the securities provided for in Act No. 200.
38th article violates these rules, qualifications for appointment do not have prerequisites, security personnel, in accordance with section 198th of the Securities Act regulations.
39th securities rating agencies are not in accordance with this regulation the relevant documents and information, in accordance with the provisions of Article No. 225 of the securities law.
40th of insider trading with securities rating business, according to the securities law No. 202 of the regulations.
41st article securities rating institutions has following behavior one of of, ordered corrected, give warning, and sentenced 10,000 yuan above 30,000 yuan following of fine; on directly is responsible for of competent personnel and other directly responsibility personnel give warning, and sentenced 10,000 yuan above 30,000 yuan following of fine; plot serious or refused to corrected of, in accordance with securities method No. 226 article third paragraph of provides processing: (a) violation avoided system or interests conflict prevention system; (ii) violation information confidential system; (Three) not according to this approach provides for track rating; (four) not according to this approach provides disclosure information, or not on its by according to of file information content of authenticity, and accuracy, and integrity for verification and validation; (five) altered, and reselling, and rental, and lending securities rating business license, or to other form illegal transfer securities rating business license; (six) violation this approach provides, refused to submitted, and provides business management information and information, or submitted, and provides of business management information and information has false records, and
Misleading sex statement or major missed; (seven) commitment give high grade credit level, down, and denigrated other securities rating institutions, and rating practitioners, not due competition behavior; (eight) internal control mechanism, and management system and business system not sound, and implementation not specification, refused to corrected; (nine) for others provides financing or guarantees; (10) Director, and prison thing and senior management personnel investment other securities Rob level institutions.
The sixth chapter supplementary articles article 42nd credit rating credit rating agencies engaged in futures-related activities, in accordance with the measures implemented.
43rd these measures shall come into force on September 1, 2007.
