Tag Archives: credit rating agencies

Western Rating Agencies Allowed to Set Up in China

Editor’s Note: 

Over at the blog Law at the End of the Day, in a recent post 1 Larry Catà Backer observed how to “understand the construction of social credit in China one must look to patterns of” rules on FDIs relevant to credit investigation and rating services. A fundamental text, in this respect, is  Announcement No. 1 [2016] (available below) on foreign invested credit rating agencies.

The post further discussed how in China’s 2017 Catalogue for the Guidance of Foreign Invested Industries credit investigation and rating services have been moved from the ‘restricted’ to the ‘permitted’ category. The change in status of credit investigation and rating services has been in the making for quite some time.

The existing regulatory framework on credit rating makes only scant references to foreign invested credit rating services 2 Also, as it is well known, the 2015 People’s Bank of China Notice on Performing Well the Preparatory Work for the Credit Reporting Industry had delegated the task to construct the consumer credit rating industry to eight domestic agencies.

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PBOC and Ministry of Commerce Announcement No. 1 2016

中国人民银行 商务部公告2016年第1

【发布单位】中国人民银行 中华人民共和国商务部
【发布文号】公告2016年第1
【发布日期】2016-1-20


  经国务院批准,现就设立外商投资征信机构有关事宜公告如下:

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Measures on the Administration of Credit Reporting Institutions

征信机构管理办法

第一章 总 则

第一条 为加强对征信机构的监督管理,促进征信业健康发展,根据《中华人民共和国中国人民银行法》、《中华人民共和国公司法》、《征信业管理条例》等法律法规,制定本办法。

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Non-EU Credit Rating Agencies: List of Endorsements and Equivalence Decisions

Under Regulation (EC) No. 1060/2009 of 16 September 2009 and its subsequent amendments, credit rating agencies (CRAs) established outside the European Union can have their ratings recognized and used in the Union through: endorsement, provided they comply with requirements as stringent as those set by the EU regulatory framework on CRAs, or certification. This procedure…

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