Chapter 1 General Provisions Article 1 In order to promote the standardized development of credit rating business in the securities market, improve the efficiency and transparency of the securities market, and protect the legitimate rights and interests of investors and the interests of the public, in accordance with the Securities Law 》, formulate these Measures. Article 2 Credit rating agencies engaged in the securities market credit rating business (hereinafter referred to as the securities rating business) shall register with the China Securities Regulatory Commission (hereinafter referred to as the China Securities Regulatory Commission) in accordance with the Securities Law, these Measures and relevant regulations.

The term “securities rating business” as mentioned in these Measures refers to credit rating services for the following rating objects:

(1) Bonds and asset-backed securities registered and issued by the China Securities Regulatory Commission in accordance with the law;

(2) Bonds and asset-backed securities listed for trading or listed for transfer on stock exchanges or other securities trading venues approved by the China Securities Regulatory Commission, except treasury bonds;

(3) Issuers, originators, listed companies, unlisted public companies, and securities and futures operating institutions specified in items (1) and (2) of this paragraph;

(4) Regulations of the China Securities Regulatory Commission other rating objects. Article 3 Credit rating agencies registered with the China Securities Regulatory Commission (hereinafter referred to as securities rating agencies) shall follow the principles of independence, objectivity, impartiality and prudence when engaging in securities rating business. Article 4 Securities rating agencies engaged in securities rating business shall abide by the principle of consistency, and shall adopt consistent rating standards and working procedures when rating the same type of rating objects, or when tracking and rating the same rating objects. If there are adjustments to the rating standards or working procedures, they should be fully disclosed. Article 5 Securities rating agencies engaged in securities rating business shall formulate scientific rating methods, complete quality control systems, abide by industry norms, professional ethics and business rules, be diligent and conscientious, perform prudent analysis, and fully disclose relevant risks. Article 6 When conducting securities rating business, securities rating agencies and their personnel shall not violate fair competition, conduct interest transfers, directly or indirectly seek illegitimate interests, or otherwise disrupt market order. Article 7 The China Securities Regulatory Commission and its dispatched offices shall supervise and manage securities rating business activities in accordance with the law.

Relevant self-regulatory organizations conduct self-regulatory management of securities rating business activities in accordance with the responsibilities assigned by the Securities Law. Chapter 2 Organization and Personnel Management Article 8 Credit rating agencies shall submit the following materials to the China Securities Regulatory Commission:

(1) Securities rating agency registration form;

(2) ) Copy of business license;

(3) Global legal entity identification code;

(4) Description of equity structure, including registered capital, list of shareholders and their capital contribution or shares held, Shareholding status of shareholders in entities other than the institution, actual controllers, and beneficial owners;

(5) Descriptions and supporting documents of directors, supervisors, senior managers, and credit rating analysts;< /p>

(6) The major shareholders, actual controllers, beneficial owners, directors, supervisors and senior managers have not committed the crime of corruption, bribery, misappropriation of property, misappropriation of property or the crime of undermining the order of the socialist market economy. Statement of being sentenced to a criminal sentence or deprived of political rights due to crime, as well as credit reports of major shareholders, actual controllers, and beneficial owners;

(7) Business location, organizational structure, and corporate governance;

(8) Independence, information disclosure and description of business systems;

(9) Reasonable requirements of the China Securities Regulatory Commission based on the consideration of protecting investors and safeguarding the interests of the public. Other materials related to securities rating agencies and their related natural persons.

The China Securities Regulatory Commission can conduct supervisory interviews with senior managers and key credit rating analysts on policies, regulations, business skills, etc., to assess their professional qualifications. Article 9 Securities rating agencies shall report to the China Securities Regulatory Commission for filing within 10 working days from the date of changes in the following major matters:

(1) Institutional name, address, and legal representative;

(2) Directors, supervisors, and senior managers;

(3) Actual controllers, beneficial owners, and shareholders holding more than 5% of the shares;

( 4) Internal control mechanisms, management systems, and business systems;

(5) Securities rating agencies and their personnel are investigated for suspected violations of laws and regulations due to their professional practices, or are investigated by judicial authorities, or are subject to criminal offenses due to their professional practices. Penalties, administrative penalties, supervisory and management measures, self-regulatory management measures and disciplinary sanctions;

(6) Securities rating agencies and their personnel have civil disputes with clients and investors due to their professional conduct, and engage in litigation or arbitration;

(7) Establishing or canceling a branch;

(8) No longer engaging in securities rating business;

(9) Other major matters stipulated by the China Securities Regulatory Commission matter.

Article 10 Credit rating agencies that meet the following conditions are encouraged to carry out securities rating business:

(1) Both the paid-in capital and net assets exceed RMB 20 million;

(2) More than 20 securities practitioners, of which more than 10 have more than three years of experience in credit rating business, and more than 3 have Chinese certified public accountant qualifications; (3) More than 3 are familiar with majors related to credit rating business Senior managers who have knowledge and passed the qualification test;

(4) They have not been subject to criminal punishment in the past five years, have not been subject to administrative penalties for illegal business operations in the past three years, and are not being punished for suspected illegal business operations or crimes. The circumstances of the investigation;

(5) There are no major bad integrity records in taxation, industrial and commercial, financial and other administrative agencies, as well as self-regulatory organizations, commercial banks and other institutions in the past three years;

( 6) Other conditions stipulated by the China Securities Regulatory Commission based on the protection of investors and the maintenance of public interests.