Regulatory Alerts2023-01-09
Summary of Amendments to the Revised Guidelines on Credit Rating Agencies
The Securities Commission issued revised Guidelines on Credit Rating Agencies on 10 January 2023 to enhance governance requirements and improve the integrity of the rating process following a holistic framework review. Key amendments mandate fit and proper criteria for controllers and senior management, require prior approval for shareholding changes, and enforce stricter board composition rules including independent director majorities. The revision also aligns definitions with relevant statutes, updates continuous obligations for disclosure and conduct, and implements new submission procedures via the Electronic Application System.
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