Regulatory Alerts2024-12-17 | 83644Revised Rules on Credit Information Businesses to Lower Entry Barrier
The Financial Services Commission announced a revision to the Credit Information Use and Protection Act to lower entry barriers for business credit rating service providers and enhance model quality. The changes abolish specific investment requirements for financial companies, authorize new stock companies to operate in the sector, and mandate periodic external reviews of business credit evaluation models. Additionally, the legislation codifies the preliminary approval system and ties penalty surcharge refund rates to market rates, with the bill set for submission to the National Assembly in December.
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