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 public interests, these Measures are formulated in accordance with the Securities Law.

Article 2 A credit rating agency engaging in the credit rating business in the securities market (hereinafter referred to as the securities rating business) shall file 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 providing credit rating services for the following rating objects:

(1) Bonds and asset-backed securities registered and issued by the China Securities Regulatory Commission according to law;

(2) Bonds and asset-backed securities listed or transferred on the stock exchange or other securities trading places recognized by the China Securities Regulatory Commission, with the exception of treasury bonds;

(3) Issuers, sponsors, listed companies, unlisted public companies, and securities and futures institutions of the securities specified in Items (1) and (2) of this paragraph;

(4) Other rating targets as stipulated by the China Securities Regulatory Commission.

Article 3 Credit rating agencies registered with 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 shall follow the principle of consistency when engaging in securities rating business, and adopt consistent rating standards and working procedures when rating the same class of rating objects or tracking the rating of the same rating object. If the rating standards or working procedures are adjusted, it shall be fully disclosed.

Article 5 When engaging in securities rating business, securities rating agencies shall formulate scientific rating methods, improve the quality control system, abide by industry norms, professional ethics and business rules, perform their duties diligently, carefully analyze and fully reveal relevant risks.

Article 6 Securities rating agencies and their personnel shall not violate fair competition, transfer interests, seek illegitimate interests directly or indirectly, or disrupt market order when conducting securities rating business.

Article 7 The China Securities Regulatory Commission and its dispatched offices shall supervise and manage the securities rating business activities according to law.

Relevant self-regulatory organizations shall conduct self-regulatory management of securities rating business activities according to the responsibilities entrusted by the Securities Law.

Chapter II Management of Institutions and Personnel

Article 8 A credit rating agency shall submit the following materials when filing with the China Securities Regulatory Commission:

(a) the filing form of the securities rating agency;

(2) A copy of the business license;

(3) The identification code of the global corporate institution;

(4) Description of the ownership structure, including the registered capital, the list of shareholders and their capital contribution or shares held, the shareholders' shareholding in entities outside the institution, the actual controllers and beneficial owners;

(5) Explanations and supporting documents of directors, supervisors, senior managers and credit rating analysts;

(6) A statement that the major shareholder, actual controller, beneficial owner, directors, supervisors and senior managers have not been sentenced to punishment for committing the crime of corruption, bribery, embezzlement of property, misappropriation of property or disrupting the order of the socialist market economy, or have been deprived of political rights for committing crimes, and a credit report of the major shareholder, actual controller and beneficial owner;

(seven) business premises, organizational structure and corporate governance;

(eight) independence, information disclosure and business system description;

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

China Securities Regulatory Commission can conduct supervision talks on policies, regulations and business skills to senior managers and major credit rating analysts to evaluate their professional quality.

Article 9 A securities rating agency shall file with the China Securities Regulatory Commission within 65,438+00 working days from the date of the following major events:

(a) the name, domicile and legal representative of the institution;

(2) Directors, supervisors and senior managers;

(three) the actual controller, beneficial owner and shareholders holding more than 5% of the shares;

(4) Internal control mechanism, management system and business system;

(5) The securities rating agencies and their personnel have been placed on file for investigation because of their suspected illegal practices, or have been placed on file for investigation by judicial organs, and have been subjected to criminal punishment, administrative punishment, supervision and management measures, self-discipline management measures and disciplinary sanctions for their practices;

(six) the securities rating agencies and their personnel have civil disputes with customers and investors due to their practice, and conduct litigation or arbitration;

(7) Establishing or revoking branches;

(eight) no longer engaged in securities rating business;

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

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

(1) The paid-in capital and net assets both exceed 20 million yuan;

(2) Having more than 20 securities practitioners, of whom 10 has more than three years of credit rating experience, and more than three have the qualification of certified public accountants in China;

(3) Having three or more senior managers who are familiar with the relevant professional knowledge of credit rating business and have passed the qualification examination;

(4) It has not received criminal punishment in the last five years, has not received administrative punishment for illegal business operation in the last three years, and is not under investigation for suspected illegal business operation or crime;

(five) in the last three years, it has no major bad credit records in tax, industry and commerce, finance and other administrative organs, self-regulatory organizations, commercial banks and other institutions;

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

Article 11 A securities rating agency shall meet the requirements for the establishment of a company as stipulated in the Company Law of People's Republic of China (PRC), with sound internal control mechanism and management system and good operation.

Employees of securities rating agencies shall abide by the relevant provisions of the China Securities Regulatory Commission and relevant self-regulatory organizations on the management of securities practitioners.

Article 12 A securities rating agency shall establish a training system for securities rating practitioners and managers, carry out training activities, and take effective measures to improve the professional ethics and professional level of personnel.

Article 13 A securities rating agency shall establish a database and technical system suitable for its business development.

Article 14 Where a securities rating agency no longer engages in the securities rating business, it shall report to the China Securities Regulatory Commission and handle the securities rating database system in the following ways:

(a) agreed with other securities rating agencies, transferred to other securities rating agencies;

(two) can not be transferred in accordance with the provisions of the preceding paragraph, handed over to the securities rating agencies designated by the China Securities Regulatory Commission;

(three) can not be transferred or handed over in accordance with the provisions of the preceding two paragraphs, destroyed under the supervision of the China Securities Regulatory Commission.

Chapter III Business Rules

Article 15 A securities rating agency shall establish and improve its business system, including the division and definition of credit rating, rating methods and procedures, rating quality control, due diligence, credit review committee, release of rating results, follow-up rating, information confidentiality and business file management.

Article 16 Before implementing the entrusted rating project, a securities rating agency shall sign a rating agreement with the entrusting party to clarify the rights and obligations of both parties.

Seventeenth securities rating agencies to carry out securities rating business, should set up a rating project team.

The members of the rating project team shall have relevant project work experience or knowledge structure suitable for the rating project, and the project team leader shall complete the registration of securities practitioners and engage in credit rating business for more than three years.

Article 18 A securities rating agency shall conduct due diligence on the rated object, make necessary assessments, ensure that the information required for rating is reliable and fully meets the requirements for use, and formulate a detailed survey outline before the investigation.

During the investigation, the securities rating agencies shall make due diligence working papers and keep them as rating materials.

Article 19 The rating project team shall collect the relevant information of the rating object according to law, verify and objectively analyze the contents of the documents and materials on which it is based, and draw a preliminary evaluation result on this basis.

Article 20 The results of the initial evaluation of securities rating shall go through three-level review procedures, including the initial evaluation of rating project team, department review and company third review.

Each audit stage should be independent of each other, and the documents and materials of the third-level audit should be filed and preserved according to relevant requirements.

Article 21 A securities rating agency shall establish a credit evaluation committee system. The rating results shall be finalized by voting at the review meeting convened by the Credit Review Committee. The securities rating agencies shall, according to the specific circumstances of each rating project, arrange enough personnel with relevant experience to attend the review meeting.

Article 22 A securities rating agency shall establish a re-evaluation system. When a securities rating agency accepts the entrustment to carry out securities rating business, it shall, after determining the credit rating, inform the rating entrusting party, the rated agency or the rated securities issuer of the credit rating. If the rating entrusting party, the rated institution or the rated securities issuer have objections to the credit rating and provide sufficient and effective supplementary materials to the securities rating institution, they may apply for re-evaluation.

Where a securities rating agency accepts an application for re-evaluation, it shall convene a meeting of the credit evaluation committee for re-examination and make a resolution to determine the final credit rating.

Article 23 A securities rating agency shall establish a system for publishing rating results.

The rating results shall include the credit rating and rating report of the rating object. The rating report shall use concise and clear language, clearly state the credit rating of the rating object, and be signed by the senior management personnel who meet the requirements of these Measures.

Article 24 A securities rating agency shall establish a tracking rating system. The securities rating agency shall clearly stipulate the tracking of rating items in the first rating report issued by the rating object. During the effective existence of the rating object, the securities rating agency shall track the major changes in the policy environment, industry risks, business strategies, financial status and other factors of the rating object, timely analyze the impact of these changes on the credit rating of the rating object, and issue regular or irregular follow-up rating reports.

A securities rating agency shall adjust the credit rating of the rating object on a full, reasonable and prudent basis.

Article 25 If the rating entrusting party, the rated institution or the rated securities issuer has any objection to the rating report issued by the securities rating agency entrusted by it and entrusts other securities rating agencies to issue rating reports, the original entrusted securities rating agency and the current entrusted securities rating agency shall announce the rating results at the same time.

Article 26 A securities rating agency shall establish a confidentiality system for information on securities rating business. For state secrets, business secrets and personal privacy known in the securities rating business activities, the securities rating agencies and their personnel shall perform the obligation of confidentiality according to law.

Twenty-seventh securities rating agencies should establish a securities rating business file management system. Business files shall include rating agreements, original materials, working papers, preliminary evaluation reports, rating reports, voting opinions and meeting minutes of credit evaluation committees, tracking rating data, tracking rating reports, etc.

The retention period of the above information and materials shall not be less than ten years, counting from the date when the business entrustment ends.

Article 28 A securities rating agency shall establish a rating quality control system and regularly evaluate the implementation effect of rating quality control.

Article 29 Under any of the following circumstances, a securities rating agency may terminate or revoke its rating:

(1) The rating entrusting party, the rated institution or the rated securities issuer refuses to provide the key materials needed for rating, or the materials provided contain false records, misleading statements or major omissions;

(2) The rated institution is dissolved or declared bankrupt according to law;

(3) The rated securities no longer exist.

(four) other circumstances in which the rating work can not be carried out normally.

If the rating is terminated or revoked for the above reasons, the securities rating agency shall make a timely announcement and explain the reasons.

Article 30 A securities rating agency shall not commit any of the following acts:

(1) Tampering with relevant information or distorting rating results;

(2) Solicit business by promising to share investment profits and losses, promising high grades, promising low fees, and slandering peers;

(3) Allowing other institutions to carry out securities rating business in its name by means of affiliation or outsourcing;

(4) There is unfair trade or commercial bribery with the rating entrusting party, rated institution, rated securities issuer or relevant third parties;

(5) Providing consulting or consultancy services to rating clients, rating agencies, issuers of rated securities or relevant third parties.

(6) Blackmailing rating clients, rating agencies, rating securities issuers or related third parties;

(seven) other acts that violate the business rules of securities rating, damage the legitimate rights and interests of investors and rating objects, and damage the reputation of the credit rating industry.

Chapter IV Requirements for Independence

Article 31 A securities rating agency and its rating practitioners shall independently obtain the rating results on the basis of fully analyzing the risks related to the rating objects, so as to prevent the rating results from being improperly influenced by other commercial activities and other factors.

Article 32 A securities rating agency may not accept the entrustment of securities rating business if it has the following interests with the rating entrusting party or rating object:

(1) The securities rating agency is controlled by the same actual controller as the rating entrusting party, the rated institution or the rated securities issuer;

(2) The same shareholder holds more than 5% of the shares of the securities rating agency, and at the same time holds more than 5% of the shares of the rating entrusting party, the rated agency or the rated securities issuer;

(3) The rating entrusting party, the rated institution or the rated securities issuer and its actual controller directly or indirectly hold more than 5% of the shares of the securities rating institution;

(4) The securities rating agency and its actual controller directly or indirectly hold more than 5% of the shares of the rating entrusting party, the rated agency or the rated securities issuer;

(5) The securities rating agency and its actual controller buy and sell the securities of the rating entrusting party, the rated agency or the rated securities issuer within 6 months and during the period before the securities rating business is launched;

(six) other circumstances identified by the China Securities Regulatory Commission on the basis of protecting investors and safeguarding public interests.

Article 33 A securities rating agency shall establish an avoidance system. Members of the credit evaluation committee of securities rating agencies and rating practitioners shall avoid any of the following situations in the securities rating business:

(1) I or my immediate family members hold more than 5% of the shares of the rating entrusting party, the rated institution or the rated securities issuer, or are the actual controllers of the rated institution or the rated securities issuer;

(2) I and my immediate family members are directors, supervisors and senior managers of the rating entrusting party, the rated institution or the rated securities issuer;

(3) I and my immediate family members are responsible persons or project signatories of securities service institutions such as accounting firms, law firms and financial consultants employed by the rating entrusting party, the rated institution or the rated securities issuer;

(4) I or my immediate family members hold rated securities or securities with an amount exceeding 500,000 yuan issued by the rating entrusting party or rating agency, or have accumulated transactions with the rating entrusting party, rating agency or rating securities issuer with an amount exceeding 500,000 yuan;

(5) Other circumstances that the China Securities Regulatory Commission considers affect the principles of independence, objectivity, impartiality and prudence.

Article 34 A securities rating agency shall establish and improve its corporate governance mechanism, clear and reasonable organizational structure, reasonably divide the functions of its internal institutions, establish and improve its firewall system, and the business department engaged in securities rating business shall be independent of other business departments such as marketing.

The personnel assessment and salary system of the securities rating agencies shall not affect the rating practitioners to carry out their business on the principles of independence, objectivity, impartiality, prudence and consistency.

A securities rating agency shall set up an independent compliance department, which shall be responsible for supervising the compliance status of the securities rating agency and its employees, and report to the board of directors and the dispatched office of the China Securities Regulatory Commission where it is registered.

Article 35 The directors, supervisors, senior managers and rating practitioners of a securities rating agency shall not take part-time jobs in the rating client, the rated agency or the rated securities issuer in any way.

Article 36 Directors, supervisors and senior managers of securities rating agencies shall not invest in other securities rating agencies.

Article 37 A securities rating agency shall not provide financing or guarantee for others.

The actual controllers, shareholders, directors, supervisors and senior managers of securities rating agencies shall abide by laws and regulations and shall not engage in activities that damage the legitimate rights and interests of securities rating agencies and their rating targets.

Chapter V Information Disclosure Requirements

Article 38 A securities rating agency shall disclose information through the websites of China Securities Industry Association and this company, and the rating results shall also be disclosed through the websites of securities exchange places where the rated securities are listed or transferred.

Article 39 A securities rating agency shall disclose the following basic information within 20 working days from the date of filing the securities rating business:

(1) Basic information and business scope of the institution;

(two) the shareholders and their contributions or shares, the mode and proportion of contribution, whether there is any relationship between shareholders and the situation in changes in equity;

(3) An internal control system to ensure the rating quality;

(4) The rating symbols, rating methods, rating models and key assumptions used in the rating report shall be disclosed within the scope of reflecting the reliability of the rating, and shall not involve trade secrets or hinder innovation;

(5) Basic information of directors, supervisors, senior managers and members of the credit review committee;

(6) rating business system.

If the above contents are changed, the situation after the change, the reasons for the change and the impact on the rated items shall be disclosed within 10 working days.

Article 40 When rating asset-backed securities, a securities rating agency shall continuously update it, and disclose the rating method, rating model and key assumptions of asset-backed securities in a timely manner in accordance with the requirements of Item (4) of Paragraph 1 of Article 39 of these Measures.

Securities rating agencies should also disclose the differences in rating standards between asset-backed securities and corporate bonds and their reasons.

Article 41 A securities rating agency shall disclose the following information related to independence within four months after the end of each fiscal year:

(a) Its independent annual internal audit results;

(2) The rotation policy of securities rating analysts;

(3) A list of the top 20 customers with rating income or accounting for more than 5% in the fiscal year;

(4) The information about the consulting services provided by the affiliated companies of the securities rating agencies to the rating customers, rated institutions, rated securities issuers or relevant third parties;

(5) Information on other additional services provided by securities rating agencies to rating clients, rating agencies, issuers of rated securities or relevant third parties.

If a securities rating agency files the information in Item (3) of the preceding paragraph with the China Securities Regulatory Commission within the time specified in the preceding paragraph, it may not disclose the information.

Article 42 A securities rating agency shall disclose the following information related to rating quality:

(1) Default rate of securities rating and credit rating transfer for one-year, three-year and five-year periods;

(2) If the rating entrusting party, the rated institution or the rated securities issuer changes the rating institution, the entrusted securities rating institution shall announce the reasons and rationality analysis of the rating adjustment;

(3) The decision to terminate or revoke the securities rating and the reasons.

(4) Other information that should be disclosed according to law.

Chapter VI Supervision, Management and Legal Responsibility

Article 43 The China Securities Regulatory Commission and its dispatched offices shall conduct off-site inspection or on-site inspection on the internal control, management system, operation status, risk status, business activities and financial status of securities rating agencies.

Securities rating agencies and their relevant personnel shall cooperate with the inspection, and the information and materials provided shall be true, accurate and complete.

Article 44 A securities rating agency shall submit an annual report to the dispatched office of the China Securities Regulatory Commission at its place of registration within 4 months after the end of each fiscal year. The annual report shall include the basic information and operation of the institution, financial and accounting reports audited by accounting firms filed by China Securities Regulatory Commission, major litigation matters, major violations of laws and regulations, independence, rating quality control, accuracy and stability statistics of rating results, etc. Directors and senior managers of securities rating agencies shall sign written confirmation opinions on the annual report; If there is any objection to the contents of the report, it shall indicate the opinions and reasons.

Securities rating agencies shall, within 2 months from the end of the first half of the year, submit semi-annual reports to the dispatched office of China Securities Regulatory Commission where they are registered, including operating conditions, financial and accounting reports, rating quality control, accuracy and stability statistics of rating results, etc.

When a securities rating agency has a major event that affects or may affect its operation and management, it shall immediately submit an interim report to the dispatched office of the China Securities Regulatory Commission where it is registered, explaining the causes, current situation and possible consequences of the event.

Article 45 Relevant self-regulatory organizations shall strengthen the self-regulatory management of securities rating business, formulate self-regulatory rules and business norms for securities rating agencies and their personnel, and give self-regulatory measures and disciplinary sanctions to securities rating agencies and their personnel who violate the self-regulatory rules and business norms.

Relevant self-regulatory organizations shall establish databases and credit files of securities rating agencies and their personnel engaged in securities rating business, and incorporate relevant credit information into the credit file database of securities and futures markets.

China Securities Industry Association should actively promote the disclosure of industry information, establish a credit evaluation mechanism, and regularly conduct credit evaluation on securities rating agencies and their personnel.

Article 46 Securities rating agencies and their personnel shall abide by the self-discipline rules and business norms formulated by relevant self-discipline organizations.

Forty-seventh institutions and personnel in violation of the provisions of these measures, the China Securities Regulatory Commission and its dispatched offices can take relevant regulatory measures such as ordering corrections, supervising conversations, issuing warning letters, ordering public explanations, and ordering regular reports.

In violation of the provisions of these measures, institutions and personnel who should be subject to administrative punishment according to law shall be punished by the China Securities Regulatory Commission and its dispatched offices in accordance with the Securities Law, the Administrative Punishment Law, the Interim Measures for the Administration of Credit Rating Industry and other laws and regulations and the relevant provisions of the China Securities Regulatory Commission; Anyone suspected of committing a crime shall be transferred to judicial organs according to law and investigated for criminal responsibility.

Chapter VII Supplementary Provisions

Forty-eighth credit rating agencies engaged in futures-related credit rating activities, with reference to these measures.

Article 49 These Measures shall come into force as of the date of promulgation. The Interim Measures for the Administration of Credit Rating Business in Securities Market (Order No.50 of CSRC) issued on August 24th, 2007 shall be abolished at the same time.