Decree 88/2014/nd-Cp: Regulations On Credit Rating Service

Original Language Title: Nghị định 88/2014/NĐ-CP: Quy định về dịch vụ xếp hạng tín nhiệm

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THE GOVERNMENT.
Number: 88 /2014/ND-CP
THE SOCIALIST REPUBLIC OF VIETNAM.
Independence-Freedom-Happiness
Hanoi, September 26, 2014

DECREE

Credit rating service regulation

____________

Government Law Base December 25, 2001;

Corporate Law Base November 29, 2005;

The Securities Law Base on July 12, 2006, and the Amendment Law, added some of the Securities Law on November 14, 2010;

At the suggestion of the Minister of Finance,

The government issued a regulatory decree on the service of the credit rating.

Chapter I

GENERAL REGULATION

What? 1. The adjustment range

1. This decree provides for a credit rating service; the operating conditions of the rating business are established and operate in Vietnam.

2. This decree does not adjust the following activities:

a) National credit rating;

b) The ranking of the State Bank of Vietnam for credit organizations;

c) The credit rating of the Credit Information Center of the State Bank of Vietnam;

d) The internal credit rating of credit organizations, foreign bank branches.

What? 2. Subject applies

1. Business rating is granted a Certificate of Qualified Business in accordance with this decree.

2. Corporate, the organization is ranked as a credit rating.

3. The organization, the individual is involved in the credit rating operation.

What? 3. Signal rating services

1. Signal rating for business, organization; and

2. Ranking a credit rating for the debt tool.

What? 4. Explain the term

In this decree, the terms below are understood as follows:

1. "Report-rating results report": The report published results rating of the credit rating organization.

2. "Ranking ratings": A sign of a fully implemented performance rating, the organization's debt obligations being ranked as a credit rating.

3. "Debt Tool": Are the financial products that define debt obligations including: bonds, bank loans, and financial products that have other debt obligations.

4. "analyst": Being the person who does the activities: Collum information, analysis, identification, rating on full implementation capabilities, on the right terms of the credit rating of the organization.

5. "A credit rating service for business, organization": As a service provided by the business rating business to analyze, identify and rank in full performance, correct corporate debt obligations, organize.

6. "Credit rating services to debt tools": As the service provided by the business rating business to analyze, identify and rank in full implementation capacity, correct the owner's debt obligations issued to the debt tool at the time of the year. ratings.

7. "Organization to be ranked": As business, the organization is ranked as a credit rating or having a creditable credit rating specified in Article 3 of this Decree.

8. "Business condition certification": As the shortened name of the Certificate of Qualified Credit Rating business in accordance with this decree.

9. "Contract rating contract": Is the contract signed between the credit rating business and the credit rating organization.

10. "Ranking Member": As the Professional Council appointed by the business of the rating of each of the credit rating contracts to decide the rating rank, update the number of credit ratings and report the credit rating results.

11. "The relevant person": As the term prescribed at Clause 34 Article 6 of the Securities Law, which is individual or organization having sex with each other in the following cases:

a) Father, father, mother, mother, wife, wife, child, child, brother, brother, sister of the individual;

b) The organization in which individuals are employees, the Director or General Manager, the owners of over ten percent of the stock in circulation have the voting rights;

c) Member of the Board of Directors, Board of Control, Director or General Manager, Deputy Director or Deputy General Manager and other administrative functions of that organization;

d) who in the relationship with others directly, indirectly control or be controlled by the person or with the same person under the same control;

The parent company, the subsidiary;

e) The contract in which one is representing the other.

12. "Contribuable Capital Capital": As the total number of charter capital that shareholders or members who contributed to a business expressed at the business report of the business at the time of the report.

What? 5. The Rules of Operations ratings

1. Independent and objective.

2.

3. Transparate.

4. comply with the existing law, stipulated at this decree and the provisions of the provisions of the contract rank when performing a credit rating.

What? 6. Use a credit rating service

1. The use of credit rating services based on the needs of the organization and the individual.

2. The credit rating result is the reference information, not the investment recommendation, which contributes to the debt tools, financial instruments organized by the organization to be published.

What? 7. Serious acts

1. Repair, detergents, forgery of the documents in the file that has been granted the Certificate of Business Qualified Certification.

2. Repair, purge, forgery of the Certificate of Business Qualified Certificate.

3. lease, or transfer the certificate of sufficient business conditions.

4. Provide a credit rating service when there is no eligible business condition under the regulation at this Decree.

5. Ask or receive any money or receive any benefit from the organization that is listed in addition to the amount of credit rating services that have been agreed upon in the signed credit rating contract.

6. Use the credit rating results and results of the organization's debt tools are ranked as the basis for determining the cost of a credit rating service.

7. collusion with the organization that is ranked the credit rating that affects the credit rating results.

8. Make false credit ratings.

9. The announcement of the credit rating results without a credit rating contract with the organization ranked as a credit rating.

10. The analyst, member of the Board of Experts, provides a credit rating service in cases that occur in conflict of interest in regulation at Article 38 of this decree.

11. The organization is rated for the execution of the following behaviors:

a) Stop the analyst who performs the credit rating operation;

b) Provide false, non-honest information, documents related to the ranking of confidence;

c) Đue threaten, buy, bribe, collusion with an analyst, member of the credit rating board or business rating business to mislead the credit rating results.

What? 8. credit ratings development planning

Based on the financial market development situation, the Ministry of Finance presided in coordination with the Ministry of Finance, which involved the Prime Minister's plan to approve the planning of development of the credit rating service during the period.

Chapter II

CREDIT RATING BUSINESS

What? 9. Business type ratings

1. The following business types are assigned to the credit ratings business after being granted a certificate of sufficient business conditions under the regulation at this decree:

a) Limited liability company;

b) The holding company;

c) The company is listed.

2. The naming of the rating business must comply with the regulation of the law on the business.

3. Businesses that do not subscribe to a credit rating business are not allowed to use the phrase "credit ratings" or other phrases with internal functions such as "credit ratings" in the name.

What? 10. The shareholder or capital member of the business rating business.

1. The financing of the establishment of the business rating is made by the provisions of the Enterprise Law and must ensure the following principles:

a) Organization, individuals who have contributed to over 5% of the contributing capital of one (01) corporate credit rating, are not funded to form or buy, hold stock or part of one (01) other credit ratings business;

b) The organizations, individuals who are not used by state budgets to participate in the financing of the establishment of the credit rating business.

2. The rating business is granted a Certificate of Qualified Business in accordance with the provisions of this decree not to contribute to the establishment of other credit rating business.

What? 11. Legal Capital

1. The legal capital level of the business rating for credit rating activity is fifteen (15) billion dollars.

2. The legal level stated at Clause 1 This has not included the statutory capital of other business sectors in which the credit rating business is allowed to do business under the rule of law.

What? 12. The operating range of the business ratings business

1. The designated credit rating service at this Decree.

2. Service related to credit rating operations, including:

a) Information services on credit ratings;

b) Training, fostering, knowledge update related to credit rating activities.

3. When providing services related to the regulatory rating operation stipulated at Clause 2 This business ratings business must ensure that no cases of conflict of interest are specified in Article 38 of this decree.

4. The rating business is not active in the following areas:

a) Accounting, audit;

b) The securities include: brokerage; consulting; warranty of securities; investment fund management; investment portfolio management; portfolio management;

c) Banks.

What? 13. The rights and obligations of the business rating

1. Business ratings have the following rights:

a) Provide regulatory services at Article 12 of this Decree;

b) The cost of the service from the provision of regulatory services at Article 12 of this decree;

c) The organization is given a credit rating of the provision of the document, the information required is related to the credit rating contract.

2. The business rating business has the following obligations:

a) It is only to provide a credit rating service when granted a Certificate of Business Qualifying Certification and the implementation of the information under the specified information at Article 18 of this decree;

b) The organization of the operation to provide a rating service must comply with the principle of regulation stipulated at Article 5 of this decree;

c) Compliance regulation at this decree and other laws of law are relevant when providing a credit rating service;

d) Make sure the payout, payback and bonuses to the analyst, member of the credit rating board does not depend on the cost of the service and the result of the credit rating of the credit rating contract that the person is involved in;

Responsible for the full maintenance of the necessary conditions of capital, personnel, and operational activities at this decree and the regulation of the relevant law;

e) accountable to the law, prior to the organization being ranked as a credit rating of the outcome of the credit rating according to the signing of the signed trust.

What? 14. Level Conditions Certificate of Business Conditions

1. There is a business registration certification issued by the authorities under the regulation of the law on the business that meets the requirements for the type of business stipulated at this decree.

2. There is a minimum law enforcement capital that is specified in Article 11 of this decree.

3. shareholders or members who contribute to the conditions of regulation at Article 10 of this Decree.

4. Have the General Manager or Director of the Meeting of the Standards and Conditions stipulated at Article 19 of this decree.

5. There is a minimum of five (05) workers who meet the standards and conditions of the Member of the Board of the Designated Credit Ranking at Article 20 of this decree.

6. There are a minimum of ten (10) workers who meet the standard criteria and conditions that are specified in Article 21 of this decree.

7. There are business processes that meet the regulation at Article 31 of this decree and the text is committed to the implementation of the transaction processes when granted the Certificate of Business eligitid.

8. There is a business variation that includes the following basic content:

a) Business Plan;

b) The revenue and cost of operating expenses;

c) Plan for HR;

d) Expected use of the data sources.

9. There is an electronic information page of the business.

10. In accordance with the planning of the development of designated credit rating services at Article 8 of this Decree.

What? 15. The filing offers a Certificate of Certificate of Business

1. The application to grant a Certificate in Certificate of Business by Form 1 at the Appendix accompanied by this decree.

2. Business registration certification (a copy of the certificate of the state agency with jurisdiction or print from the National Enterprise Registration Portal).

3. Information about shareholders or members contributing:

a) The list of shareholders with the number of capital provisions and the corporate ownership rate of each shareholder;

b) The actual regulatory capital proof that meets the eligible conditions at Article 11 of this Decree and the shareholder structure or member that meets the conditions stipulated at Article 10 of this decree.

4. Enterprise charter.

5. The document that proves the General Manager or Director meets the specified criteria and conditions at Article 19 of this Decree, which includes the following basic documents:

a) The copy of the worker contract with the testimony of the state authority has jurisdiction;

b) The copy of the documents, certificate of practice, certificate of expertise in the real evidence of the state agency has the authority to demonstrate the capacity of professional qualifications, career and work experience;

c) The legal calendar free copy of the state agency has the authority of the state authority.

6. The proof document has sufficient number of labourers who meet the criteria and conditions on the Member of the Board for the Regulation of Regulation at Article 20 of this decree and the analyst stipulated at Article 21 of this decree.

7. The draft of the business processes that meet the regulation at Article 31 of this decree.

8. Business variation of the business.

9. Address the electronic information page of the business rating business.

What? 16. The procedure for issuing a Certificate of Business Certificate of Business

1. Enterprise filing a (01) file order filing grants certificate of sufficient business to the Ministry of Finance to test the integrity and validity of the profile.

2. During the ten (10) days of work, since the date of receiving the file, the Ministry of Finance informed the full calculation, the validity of the filing and the request for the business to add the document (if any) and to submit the year (05) official records for appraisal.

3. During the sixty (60) days of work, since the date of the valid filing, the Ministry of Finance chaired, in coordination with the Ministry of Planning and Investment, the State Bank of Vietnam and the ministries, the relevant sector, reviewed the filing to grant the Certificate of Certificate. Business. In the case of rejection, the Ministry of Finance announced in writing to the business and stated the reason.

4. Content appraisal under specified conditions at Article 14 of this Decree.

What? 17. Business qualifying certificate

1. The certificate of sufficient business conditions has the following basic content:

a) Business name rating;

b) The main headquarters address, the electronic information page address of the business rating business;

c) Number, level of Business Registration Certificate;

d) The number, the level of the Certificate of Receiving sufficient business conditions;

You represent the laws of the business;

e) Content and scope of activity.

2. The case of a re-issue or adjustment of a Certificate of Business Qualifying Certificate records the number of reissued or number of adjustments and the use of the number of certified business conditions that was first granted to the business.

What? 18. Annuits prior to the opening date of operation

The business rating business must publish on the public information media and the enterprise information site of at least ten (10) days of work prior to the scheduled opening day of the opening of service business operations credit rating of basic information information. The following:

1. Name, address the headquarters of the business rating business.

2. Address the electronic information page of the business rating business.

3. Certificate of business conditions.

4. Executive Capital Capital.

5. List, the respective capital contributions of each shareholder or member that is owned by up to 5% of the value of the credit rating business.

6. The name of the agent according to the law of the rating business.

7. The scheduled opening date of the business ranks operation.

What? 19. Standards, conditions of the General Manager or Corporate Director

1. There is full civil conduct capacity under the regulation at the Civil Code.

2. No cadres, civil officials, officials as prescribed at the Law of Officer, Public Affairs, and the Law of Vienna.

3. There is a degree from the university to become a major in economics, finance, banking, accounting, audit, statistics or business administration.

4. There are at least ten (10) years of direct employment in the regulatory sphere at Section 3 This.

5. Legal residence in Vietnam during the time of the incumbent.

What? 20. Standards, conditions of the member of the credit rating board

1. There is full civil conduct capacity under the regulation at the Civil Code.

2. No cadres, civil officials, officials as prescribed at the Law of Officer, Public Affairs, and the Law of Vienna.

3. There is a degree from the university to a degree in economics, finance, banking, accounting, audit, statistics, business administration or industry in the business sector of the organization ranked as a rating.

4. There are at least seven (07) years working directly in the regulatory sphere at Section 3 This.

What? 21. Standards, condition of analyst

1. There is full civil conduct capacity under the regulation at the Civil Code.

2. No cadres, civil officials, officials as prescribed at the Law of Officer, Public Affairs, and the Law of Vienna.

3. There is a degree from the university to a degree in economics, finance, banking, accounting, audit, statistics, business administration or industry in the business sector of the organization ranked as a rating.

4. There are at least three (03) years of direct employment in the regulatory sphere at Section 3 This.

What? 22. Level the Certificate in Certificate of Business

1. The certificate of sufficient business is granted in the following circumstances:

a) A certificate of sufficient business condition lost or damaged;

b) The business rating is divided, split, merged, merged, merged or converted the form of ownership and continues to meet the specified conditions at clause 1 to Article 7 Article 14 of this Protocol.

2. Process, the procedure of granting the Certificate of Sufficient Business Condition to the specified case at Point 1 This Article:

a) Profile:

-The original paper received enough business conditions (except for the missing case);

-The application to grant the Certificate of Certificate of Business by Form 3 at the Appendix to this Decree.

b) During the year (5) working days, since the date of receiving a Certificate of Granting A Certificate Of Sufficient Business Condition, the Ministry of Finance reviewed the grant of the Certificate of Qualified Certificate of Business.

3. Process, the procedure of granting the Certificate of Sufficient Business Condition to the specified case at Point 1 Article 1 Article:

a) Profile:

-The application to grant the Certificate of Qualified Business business by Form 1 at the Appendix with this Decree;

-Documents, business proof materials continue to meet the provisions of Article 1 to Clause 7 This Article 14.

b) During the fifteen (15) days of work, since the date of the receiving of valid records, the Ministry of Finance is appraisal, reviewing the filing to grant the Certificate of Qualified Certificate of Business. In the case of rejection, the Ministry of Finance announced in writing to the business and stated the reason.

What? 23. Regulatory of the Certificate of Business Conditions

1. Business rating must be the procedure to make the recommendation to adjust the Certificate of Qualified Certificate Business in the fifteen (15) days of work since the change in the Content Certificate in Article 17 of the specified business. Hey.

2. The filing offers to adjust the Certificate of Qualified Certificate business including:

a) The application to modify the Certificate of Qualified Certificate business by Form No. 4 at the Appendix accompanied by this decree, which states the reason for adjustment;

b) The original Certificate of Business condition has been granted the latest time;

c) The document proves content recommended to adjust the Certificate of Business Qualified Certificate.

3. During the ten (10) days of work, since the date of the receiving of valid records, the Ministry of Finance is appraisal, reviewing the case to adjust the Certificate of Business Qualified Certificates. In the case of rejection, the Ministry of Finance announced in writing to the business and stated the reason.

What? 24. The changes must inform the state governing body.

In the ten (10) days of work, since the date of the change in the following content, the business rating must inform the Ministry of Finance and the business registry:

1. No response to one of the regulatory conditions at Article 14 of this decree;

2. Name, headquarters address, the electronic information page address of the business rating business;

3. The representative according to the law of the business;

4. dissolved, bankrupt or self-terminated the credit rating service business;

5. revoked the Business Registration Certificate.

What? 25. recall the Certificate of Business condition

1. The business rating business is revoked of a Certificate of Qualifying Business Certification in the following cases:

a) Do not meet one of the specified conditions at paragraph 1 to paragraph 6 Article 14 This Protocol within six (06) months in a row;

b) Perform one of the strict acts of regulation at paragraph 1 to paragraph 9 Article 7 This decree;

c) Being dissolved, bankrupt or self-terminated the credit rating service business;

d) revoked the business registration certificate.

2. The certificate of sufficient business condition is out of effect on the specified cases at Point c and Point 1 This Article 1 Article.

3. The Ministry of Finance makes the decision to revoking the certificate of business eligisum for the case of Article 1 Regulation.

4. The decision to revoking the business 's license to receive sufficient business conditions was published on the Treasury' s electronic information page.

5. The business must end even the ratings and services rating activities associated with credit ratings since the time the Certificate of Receiving Sufficient Business Conditions Is Out Of Effect; or from the time of the Decision to revoking the Certificate of Sufficient Certification. Business is in effect.

Chapter III

CREDIT RATING SERVICES

What? 26. Signal-rating operations

1. The rating business must build a credit rating operations process that includes the following basic steps:

a) Negotiations and signs of credit ratings with the organization that are rated for credit;

b) The selection and assignment of the assignment specialist to participate in the prescribed credit rating contract at Article 29 This decree;

c) The establishment of the Board of the Confidence Rating for the implementation of the prescribed confidence rating contract at Article 30 This decree;

d) Gather information, analysis, identification, ranking on full implementation capabilities, correct obligations of the organization's debt obligations;

Through the results of the ratings,

e) The report results in rating results;

g) Track, update, assessment periodically report the results of the credit rating as specified in the credit rating contract until the credit rating contract ends;

) End of the credit rating contract.

2. The rating business must comply with the prescribed confidence rating process at Clause 1 Article.

3. The rating business must publish the credit rating process and update these processes (if available) on the enterprise's electronic information page.

What? 27. Contract rating contracts

1. The rating contract must ensure the rules of regulation at Article 5 of the Decree.

2. The credit rating contract is established in writing and includes the following basic content:

a) Name, address, the representative of the business rating business and organization is rated credit;

b) The purpose, scope and content of the operation rating;

c) The time for the implementation of the credit rating contract;

d) Conditions, provision of the publication of credit rating results;

) The cost of a credit rating service;

e) the rights, obligations and responsibilities of the parties in the process of implementation of the credit rating contract;

g) The information security obligation of the parties as specified at Article 39 This decree;

h) The regulation of tracking, periodic review, update report results report until the end of the confidence rating contract;

i) Regulation of cases ending the contract rating before the deadline and the responsibility of the parties;

l) Regulations on the handling of disputes.

What? 28. credit rating service expenses

1. Cost of credit rating services provided by the business rating business and the organization is ranked as self-agreed upon the credit rating contract.

2. Cost the service rating base to the following factors:

a) Content, volume and work properties;

b) The duration of the credit rating contract;

c) The level, experience and prestige of the analyst, the Trust Ranking, Business Ranking;

d) The level of responsibility of the business rating business.

What? 29.

1. For each credit rating contract, the business ranks the choice of choice, assignment assignments and decides the number of experts to analyze the base on the scale, the properties of the contract. The analyst involved in each of the credit rating contracts must ensure the following basic requirements:

a) Meet the criteria and conditions of regulation at Article 21 of this decree;

b) Do not participate in the operation of business ratings;

c) Not at the same time as a member of the Board of trustees of the same contract.

d) Not in conflict cases of interest when participation in the designated credit rating contract at Clause 2 Article 38 of this decree. In the course of the contract, if the event is to conflict with the interest of the analyst in accordance with Article 2 of Article 38 of this decree, the rating business must end the participation of the analyst at the contract. I'm sorry. The business can be replaced, adds a new analytical specialist if necessary.

2. The mission of the analyst:

a) Gather information, analysis, identification, ranking of full implementation capabilities, correct obligations of the organization's debt obligations under the assignment of the business rating business;

b) The results of the results rating are expected to the Board of the Confidence Rating rating by the business rating business;

c) The Conference of the Confidence Rating Council and the offer to terminate participation in the ranking of confidence in the event of a conflict of interest stipulated at Article 38 of this decree;

d) comply with the set of rules of ethical standards stipulated at Article 34 of this decree.

What? 30. Trust Board.

1. For each credit rating contract, the business ranks the credit rating of the Board of Confidence, selecting and deciding the number of members based on the scale, the nature of the contract but the minimum must have three (03) members. The selection of members of the rating board for each designated rating contract must comply with the following basic principles:

a) There is a minimum of one (01) member of the Board of Signal Ranking as the worker of the rating business;

b) There is a minimum of one (01) member with one of the following certificates: Certificate of auditor issued by the Ministry of Finance, certified international certification in the field of securities investment analysis, accounting and audit;

c) Meet the standard enough criteria and conditions at Article 20 of this decree;

d) Do not participate in the operation of business ratings;

not the analyst of the same (01) contract ratings contract;

e) Not in conflict cases of interest when participation in the designated credit rating contract at Clause 2 Article 38 of this decree. In the course of the contract, if the event is a conflict of interest in a member of the ranking, the rating business must end its participation in the credit rating contract. The business can replace, add a new credit rating board member if necessary.

2. The mission of the Council of the Confidence Rating:

a) The decision to result in the ranking of the credit rating or change the ranking rank rank by the regulatory mechanism specified in the Rules of Operations Rules of the Board of Operations;

b) In the course of the contract execution process, the Board of Directors must report to the business manager of the cases that arise conflict of interest of the analyst, member of the Board of Directors assigned to the Regulation 2 Article 38. Hey.

3. The responsibility of the membership rating Board:

a) A member of the Board of the Confidence Rating Board has the right to participate in the Board of the Membership Rating Board for appraisal, discussion and resolution through the rank of trust, to update the ranking of the credit rating, report the results of the credit rating;

b) In the course of the implementation of the credit rating contract, the Member of the Board of the Ranking Trust is in the cases of conflict of interest in clause at paragraph 2 Article 38 This decree is obligated to report the Board of ratings and offer an end to participation. This is the contract.

c) The set of rules of ethical standards stipulated at Article 34 of this decree.

4. The operational mechanism of the Trust Ranking:

a) Business-rating business is responsible for the issue of the Operations Regulation of the Ranking of the credits covering the following basic content:

-The voting mechanism of the Board of the Trust in which the minimum must be over 60% of the voting members through each decision of the Council;

-The body of voting for the Board of the Confidence to run the operation of the Board of the Confidence Rating;

-The conflict processing mechanism for the benefit of analyst and Member of the Board of the Membership Rating (if available);

-Additional mechanism, replace the board member.

b) When voting through the rank of trust, updating the ranking rank and reporting results ratings, the Board of Directors must ensure independence, objectively, transparent and unaffected by the Director General, Director, Conference of the Board of Directors, etc. co-governance and board member of the business rating business.

c) The credit rating committee is self-dissolved when the credit rating contract ends.

What? 31. Career processes

1. The business rating is to issue career processes for the prescribed credit rating operations at this Decree.

2. The system of career processes includes:

a) The work process of analyst;

b) The operational statute of the Board of Representatives rank by regulation at paragraph 4 Article 30 This decree;

c) The ranking of confidence in accordance with regulation at Article 32 of this decree;

d) The process of construction, evaluation and update of the credit rating method;

The Code of ethical standards is specified in Article 34 of this decree.

What? 32.

1. The rating business must build a credit rating method for analysis, evaluating the full implementation capability, correct the debt obligations of the organization to be rated credits. Credit rating methods must include both quantitative assessment methods and qualitative evaluation methods.

2. The rating method must evaluate the underlying risk factors and the extent that affects the ability to fully execute, correct the organization ' s debt obligations to rank the credit rating, which includes the following basic content:

a) macro risk;

b) market risk and business environment;

c) Strategic risk;

d) Risk governance;

Patient risk;

e) Financial risk;

g) The risk differs from the assessment of the credit rating business.

3. The rating business must use a systematic and unified credit rating method for each type of debt obligations and every profession, manufacturing sector, business.

4. The business term rating is responsible for controlling the rating method and the assumptions used to adjust if necessary.

5. The rating business must publish on the electronic information page of the enterprise the basic content of the credit rating method.

What? 33. credit ratings.

1. The business rating business must build and use the unification hierarchy hierarchy according to the following basic principles:

a) The rank must be clear, easy to understand, to ensure the ability to compare between the number of credit ratings;

b) The ranking rank number is ranked in the highest order from the highest to the lowest in terms of sufficient execution, correct the debt obligations of the organization to be ranked as a credit card.

2. Business ratings must publish on the enterprise's electronic information page on the symbol and meaning of each credit rating rank.

What? 34. The Code of Ethics Standards

1. Business ratings must enact and apply the standard ethical standards set by the International Securities Commission (IOSCO) and published on the enterprise's electronic information page.

2. Business rating must issue and apply ethical standards code to the operation of the business, analyst and member of the credit rating board.

What? 35. Report results report

1. The business rating business must publish on the business information page of the business that reports the results of a credit rating within twenty-four (24) hours after the official decision on the outcome of a credit rating.

2. The credit rating results report must include the following basic content:

a) the rank of trust;

b) The general evaluation of the organization is rated;

c) The underlying factors have a positive and negative effect on the full implementation capacity, correct the debt obligations of the organization to be rated credits;

d) Global statistics of the organization's credit rating are ranked in the past (if any);

The name and title of the analyst, member of the Board of Staff to the credit rating contract;

e) The cases of specialist analysts, members of the Board of Experts to stop not joining the credit rating contract before the contract ends and specify the reason;

g) The corporate ownership rate rating of the organization's credit rating is rated;

h) The organizational ownership rate is ranked the credit rating of the worker of the business rating;

i) Committed on the implementation of the credit rating independently, objectively;

K) clarified the reporting rating is the reference information, not the investment recommendation, which is capital to the debt tools, financial instruments organized by the organization to be released.

3. The report results report must be signed by the representative under the law or the authorized person of the rating business.

What? 36. Information published

1. The business rating business must publish on the electronic information page of the business of the following basic information:

a) The name of the General Manager or Director of Business rating;

b) The code of ethical standards under regulation at Article 34 of this decree;

c) The ranking of confidence in accordance with regulation at Article 32 of this decree;

d) The rank of confidence in accordance with regulation at Article 33 of this decree;

b) List, shareholder capital contribution or equity component of over 5% of the value of the business's contribution rating;

e) A change in the ownership rate of shareholders or members that have a percentage of the equity-adjusted capital of the business rating of over 5%;

g) Report the results of a prescribed confidence rating at Article 35 for each credit rating contract.

2. periodically six (06) January (01), the business rating business must publish on the electronic information page of the business of the following basic statistics:

a) The value of each organization's credit rating has been ranked since the first time it was ranked.

b) The average rate for full implementation, correct the debt obligations of organizations ranked by rank by rank.

3. Prior to May 01, the business rating business must publish on the enterprise information page of the list of credit ratings organizations that have a credit rating rating of over 5% of total revenue from operations. The business rating of the business in the financial year is adjacent to the time of publication of the information.

4. The specified information at Clause 1, Clause 2 and Clause 3 This must be maintained, stored at the business ' s electronic information page ranking of confidence in the period of five (05) years from the time of publication.

What? 37. Internal Control System

1. Internal control systems are the set of internal mechanisms, policies, processes, and regulations aimed at ensuring prevention, detection and handling of the risks in the ratings operation.

2. The business rating business must build and operate the internal control system to ensure:

a) According to the independence, objective of the business rating business, analyst and member of the credit rating board with the organization rating of confidence;

b) Prevention, detection, timely processing of current or potential conflicts of interest in the ranking of trust, analyst and member of the Board of trustees;

c) The prevention, detection, timely processing of the disclosure of information about the organization is rated;

d) Compliance law and the statutes, processes, internal regulation.

3. The internal control system of the rating business must be held in an independent audit of an annual evaluation.

What? 38. conflicts of interest.

1. Business rating:

a) Buy, hold the stock, the portion of the donation, the organization ' s debt tool rank credit in the process of making the credit rating contract;

b) Provide a credit rating service for the relevant person of the business rating business;

c) There is an investment partnership with a credit rating organization;

d) There are persons who are involved in ownership of over 5% of the organization's executive order that is rated as a credit rating or above 5% of the total debt of the creditable debt tool.

2. Corporate manager, analyst, member of the Board of Directors:

a) Buy, hold the stock, the portion of the donation, the organization ' s debt tool rank credit in the process of making the credit rating contract;

b) The property on 5% of the organization's contribution capital provides the issuing advisory services, risk management, issuing warranty, distribution agent for the designated organization;

c) Participate in the service cost negotiation of the credit rating contract;

d) The signing of the economic contract with the organization was rated;

There is a contract with the organization.

e) Participate in the provision of issuing advisory services, risk management, issuing warranty, distribution agent for the organization that is rated for credit;

g) As the relevant person of the organization to be ranked as a member of the organization, the organization provides the services advisory services, the risk management, the issuing warranty, the distribution agent for the designated organization;

h) There is a relevant person who owns over 5% of the organization's executive order that is ranked as a credit rating or above 5% of the total debt of the creditable debt tool.

What? 39. Information Security

The business rating business, analyst and member of the company's credit rating board is not disclosed information about the organization that is ranked in accordance with the provision of the regulatory information security at the credit rating contract. charge, with the exception of the prescribed information at Article 36 of this decree, the information is held to the approval rating of the publication and the information at the request of the competent state governing body.

What? 40. File Archive

1. The rating business must store both the hardware and the electronic data of all the credit rating analytics profiles including the documents, the data used in the credit rating process.

2. The minimum filing time is ten (10) years.

3. Business rating is responsible for providing the storage records for the competent authorities when required.

Chapter IV

ACCOUNTING, ACCOUNTING, AUDIT, REPORT MODE

BUSINESS RATING BUSINESS

What? 41. Accounting, accounting, audit.

1. Business ratings must carry out the accounting regime, accounting for financial reporting by the rules of the existing law on accounting.

2. The annual financial report of the obligated credit rating business must be independently audits.

What? 42. Report Mode

1. Annual periodically, the business rating business is responsible for implementing the enterprise's operational results report mode, namely the following:

a) Report: The report results in the operational results of the business rating from 1 January to 31 December.

b) The report contents and the report pattern execute the Number 5 Form at the Appendix accompanied by this decree;

c) Time to submit the report: Before 30 April of the adjacent year after the report;

d) Where to receive the report: Ministry of Finance.

2. The business rating business is responsible for reporting a conflict under regulation at Article 24 of this decree or at the request of the Ministry of Finance.

Chapter V.

THE RESPONSIBILITY OF THE ORGANIZATIONS INVOLVED

What? 43. Ministry of Finance

The Ministry of Finance is the body responsible to the Government to implement state management of the credit rating services business, including:

1. Host, in collaboration with the ministries, the government-led industry approx the planning of development of the credit rating service in each period.

2. General, monitor, evaluate the implementation of this Protocol.

3. Level, reorder, adjust, revoking the Certificate of Qualified Credit Rating business under the provisions of this Decree.

4. Watch, evaluate the operating situation of the business ranking of confidence through the report mode under the provisions of this Decree.

5. Check out the compliance of the activity of the business in accordance with the stipulation of this decree periodically periodically (05) per year or to a breakthrough at the request of the management work.

What? 44. Ministry of Planning and Investment

Engaging in coordination with the Ministry of Finance in consideration, there is an opinion on the granting of, granting, adjusting, and revoking the Certificate of Eligible Business Conditions at this Decree.

What? 45. Vietnam State Bank

Engaging in coordination with the Ministry of Finance in consideration, there is an opinion on the granting of, granting, adjusting, and revoking the Certificate of Eligible Business Conditions at this Decree.

What? 46. Corporate responsibility ratings

1. Compact the principle of active credit rating services by regulations at this Decree in the course of operation.

2. Often maintain the operating conditions of the business ranking of regulatory arrangements at this Decree.

3. Perform a credit rating operation according to the regulatory confidence rating operation specified at Clause 1 Article 26 of this decree.

4. comply with the set of rules of ethical standards stipulated at Article 34 of this decree.

5. Human resources to participate in the prescribed credit rating contracts at this Decree.

6. Report of the Ministry of Finance under regulation at Article 42 This decree.

7. Compliance with other regulations on the provision of the prescribed credit rating services at this Decree.

What? 47. The organization's responsibility is rated.

1. Create a condition for the business rating business that approaches information to make the credit rating according to the contract that has signed up to the credit rating business.

2. Make full implementation of the prescribed obligations at the credit rating contract and stipulate at this Decree.

Chapter VI

EXECUTION CLAUSE

What? 48.

This decree has been in effect since 15 November 2014.

What? 49.

Ministers, peer-agency leaders, government ministers, chairman of the People ' s Committee of the provinces, the Central City of the Central, the business rating business and organizations, the relevant individual is responsible for the implementation of the decree. Hey.

TM. THE GOVERNMENT.

Prime Minister

(signed)

Dao Dung