| Order of the People's Bank of China, the National Development and Reform Commission, the Ministry of Finance and the China Securities Regulatory Commission | | 中国人民银行、国家发展和改革委员会、财政部、中国证券监督管理委员会令 |
| (No. 5 [2019]) | | （〔2019〕第5号） |
| The Interim Measures for the Administration of the Credit Rating Industry, as deliberated and adopted at the 16th governor's executive meeting of the People's Bank of China on November 23, 2018, the 4th chairman's executive meeting of the National Development and Reform Commission of the People's Bank of China on September 10, 2019, the 1st executive meeting of the Ministry of Finance of the People's Republic of China on November 19, 2019 and the 4th chairman's executive meeting of the China Securities Regulatory Commission on November 8, 2019, are hereby issued, and shall come into force on December 26, 2019. | | 《信用评级业管理暂行办法》已经2018年11月23日中国人民银行第16次行长办公会（行务会），2019年9月10日中华人民共和国国家发展和改革委员会第4次委务会议，2019年11月19日中华人民共和国财政部第1次部务会议和2019年11月8日中国证券监督管理委员会第4次委员会会议审议通过，现予公布，自2019年12月26日起施行。 |
| Governor: Yi Gang | | 行长 易纲 |
| Director: He Lifeng | | 主任 何立峰 |
| Minister: Liu Kun | | 部长 刘昆 |
| Chairman: Yi Huiman | | 主席 易会满 |
| November 26, 2019 | | 2019年11月26日 |
| Interim Measures for the Administration of the Credit Rating Industry | | 信用评级业管理暂行办法 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 For the purposes of regulating the credit rating business, protecting the parties' lawful rights and interests, and promoting the sound development of the credit rating industry, these Measures are developed in accordance with the Law of the People's Republic of China on the People's Bank of China, the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Budget Law of the People's Republic of China, the Regulation on the Administration of Corporate Bonds and other laws and regulations. | | 第一条 为了规范信用评级业务，保护当事人合法权益，促进信用评级业健康发展，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》、《中华人民共和国证券法》、《中华人民共和国预算法》、《企业债券管理条例》等法律法规，制定本办法。 |
| Article 2 These Measures shall apply to the provision of credit rating services within the territory of the People's Republic of China. If it is otherwise provided for by any law or regulation or rule for the supervision and administration of credit rating agencies developed by the relevant business administrative departments, such provisions shall prevail. | | 第二条 在中华人民共和国境内从事信用评级业务，适用本办法。法律法规和有关业务管理部门制定的信用评级机构监督管理规则中另有规定的，适用其规定。 |
| For the purposes of these Measures, “credit rating” means that a credit rating agency analyzes credit risk factors affecting an economic entity or a debt financing instrument to comprehensively evaluate its solvency and willingness to repay the debt, and indicate them with predefined credit rating marks. | | 本办法所称信用评级，是指信用评级机构对影响经济主体或者债务融资工具的信用风险因素进行分析，就其偿债能力和偿债意愿作出综合评价，并通过预先定义的信用等级符号进行表示。 |
| For the purposes of these Measures, “credit rating business” means information collection, analysis, assessment, examination, release of results and other activities conducted for credit rating. | | 本办法所称信用评级业务，是指为开展信用评级而进行的信息收集、分析、评估、审核和结果发布等活动。 |
| For the purposes of these Measures, “credit rating agencies” means legally formed social intermediary institutions that mainly engage in the credit rating business. | | 本办法所称信用评级机构，是指依法设立，主要从事信用评级业务的社会中介机构。 |
| For the purposes of these Measures, “rated objects” means rated economic entities or rated debt financing instruments. | | 本办法所称评级对象，是指受评经济主体或者受评债务融资工具。 |
| For the purposes of these Measures, debt financing instruments include loans, local government bonds, financial bonds, debt financing instruments of non-financial enterprises, enterprise bonds, corporate bonds and other bonds, asset-backed securities and other structured financing products, and other debt financing products. | | 本办法所称债务融资工具，包括：贷款，地方政府债券、金融债券、非金融企业债务融资工具、企业债券、公司债券等债券，资产支持证券等结构化融资产品，其他债务类融资产品。 |
| Article 3 For the purposes of these Measures, regulators include the department in charge of the credit rating industry and business administrative departments. The People's Bank of China is the department in charge of the credit rating industry and takes charge of the supervision and administration of credit rating nationwide. | | 第三条 本办法所称监管主体包括信用评级行业主管部门和业务管理部门。中国人民银行是信用评级行业主管部门，主管全国的信用评级监督管理工作。 |
| The National Development and Reform Commission, the Ministry of Finance and the China Securities Regulatory Commission are the departments in charge of the administration of the credit rating business (collectively, “business administrative departments”), which legally supervise and administer the credit rating business within the scope of their duties. | | 发展改革委、财政部、证监会为信用评级业务管理部门（以下统称业务管理部门），在职责范围内依法对信用评级业务实施监督管理。 |
| Article 4 The department in charge of the credit rating industry shall perform the following duties: | | 第四条 信用评级行业主管部门履行以下职责： |
| (1) Conducting research on and drafting laws and regulations relating to credit rating. | | （一）研究起草信用评级相关法律法规草案； |
| (2) Drafting the development strategies, plans and policies in the credit rating industry. | | （二）拟定信用评级业发展战略、规划和政策； |
| (3) Formulating the access principles and basic standards for credit rating agencies. | | （三）制定信用评级机构的准入原则和基本规范； |
| (4) Conducting research on and formulating policies on the opening-up of the credit rating industry. | | （四）研究制定信用评级业对外开放政策； |
| (5) Promoting the sound development of the credit rating industry. | | （五）促进信用评级业健康发展。 |
| Article 5 Business administrative departments shall supervise and administer the credit rating business in accordance with the relevant laws and regulations and regulatory duties. Business administrative departments may, as required, develop corresponding rules for the supervision and administration of credit rating agencies. | | 第五条 业务管理部门依据相关法律法规和监管职责，对信用评级业务进行监督管理。业务管理部门可以根据需要，对信用评级机构的监督管理制定相应规则。 |
| Article 6 The department in charge of the credit rating industry and business administrative departments shall establish an inter-ministerial coordination mechanism, coordinate and cooperate with each other according to the division of duties, and jointly strengthen regulation. | | 第六条 信用评级行业主管部门和业务管理部门建立部际协调机制，根据职责分工，协调配合，共同加强监管工作。 |
| Article 7 The department in charge of the credit rating industry and business administrative departments shall, within the scope of their respective duties, respectively establish the credit archives of credit rating agencies and their senior executives, and include the information on the credit archives of credit rating agencies and their senior executives, rating business information, information on examination and administrative punishments and other information in the national credit information sharing platform, so as to realize information publicity and sharing according to the relevant provisions. | | 第七条 信用评级行业主管部门、业务管理部门在各自职责范围内分别建立信用评级机构信用档案和信用评级机构高级管理人员信用档案，并将信用评级机构及高级管理人员信用档案信息、评级业务信息、检查及行政处罚等信息纳入全国信用信息共享平台，按照有关规定，实现信息公开与共享。 |
| Credit rating agencies shall establish credit archives of their practitioners, include the information on the credit archives of practitioners in the national credit information sharing platform, and realize information publicity and sharing according to the relevant provisions. | | 信用评级机构应当建立本机构从业人员信用档案，并将从业人员信用档案信息纳入全国信用信息共享平台，按照有关规定，实现信息公开与共享。 |
| Article 8 A credit rating agency engaging in the credit rating business shall adhere to the principles of independence, objectivity, impartiality and prudence, act with due diligence, conduct business operation in good faith, and shall not damage the national interest, public interest and the lawful rights and interests of market entities. | | 第八条 信用评级机构从事信用评级业务应当遵循独立、客观、公正和审慎性原则，勤勉尽责，诚信经营，不得损害国家利益、社会公共利益和市场主体合法权益。 |
| A credit rating agency engaging in the rating business shall follow the principle of consistency, and adopt consistent rating standards and work procedures for the rating of the same type of objects or the follow-up rating of the same rated object. Rating standards, work procedures and the adjustments thereto shall be fully disclosed. | | 信用评级机构从事评级业务，应当遵循一致性原则，对同一类对象评级，或者对同一评级对象跟踪评级，应当采用一致的评级标准和工作程序。评级标准和工作程序及其调整，应当予以充分披露。 |
| A credit rating agency shall conduct the business independently in accordance with the law without intervention by any entity or individual. | | 信用评级机构依法独立开展业务，不受任何单位和个人的干涉。 |
| Chapter II Administration of Credit Rating Agencies | | 第二章 信用评级机构管理 |
| Article 9 A credit rating agency formed shall meet the company formation conditions prescribed in the Company Law of the People's Republic of China, undergo recordation formalities at the provincial local office of the local department in charge of the credit rating industry (“recordation authority”) within 30 days from the date when the company registration authority approves registration, and submit the following materials: | | 第九条 设立信用评级机构，应当符合《中华人民共和国公司法》规定的公司设立条件，自公司登记机关准予登记之日起30日内向所在地的信用评级行业主管部门省一级派出机构（以下简称备案机构）办理备案，并提交以下材料： |
| (1) Recordation form of the credit rating agency. | | （一）信用评级机构备案表； |
| (2) Photocopy of the business license. | | （二）营业执照复印件； |
| (3) Legal entity identifier. | | （三）全球法人机构识别编码； |
| (4) Description of the equity structure, including registered capital, the list of shareholders and the amount of investment made or shares held by them, shareholders' shareholdings in entities other than the credit rating agency, and information on the actual controller and beneficial owners. | | （四）股权结构说明，包括注册资本、股东名单及其出资额或者所持股份，股东在本机构以外的实体持股情况，实际控制人、受益所有人情况； |
| (5) Description of the information on directors, supervisors, senior executives and credit rating analysts and certification documents. | | （五）董事、监事、高级管理人员以及信用评级分析人员的情况说明和证明文件； |
| (6) The statements of its major shareholders, actual controller, beneficial owners, directors, supervisors and senior executives that they have not been given any criminal punishment for the crime of corruption, bribery, encroachment upon property, embezzlement of property or disturbance of the socialist market economic order, or a statement on deprivation of political rights in a crime, and the credit reports on its major shareholders, actual controller and beneficial owners. | | （六）主要股东、实际控制人、受益所有人、董事、监事、高级管理人员未因犯有贪污、贿赂、侵占财产、挪用财产罪或者破坏社会主义市场经济秩序罪，被判处刑罚，或者因犯罪被剥夺政治权利的声明，以及主要股东、实际控制人、受益所有人的信用报告； |
| (7) Business premises, organizational structure and corporate governance. | | （七）营业场所、组织机构设置及公司治理情况； |
| (8) Description of independence, information disclosure and business rules. | | （八）独立性、信息披露以及业务制度说明； |
| (9) Other materials relating to the credit rating agency and its relevant natural persons reasonably required by the department in charge of the credit rating industry for the purposes of protecting investors and safeguarding public interest. | | （九）信用评级行业主管部门基于保护投资者、维护社会公共利益考虑，合理要求的与信用评级机构及其相关自然人有关的其他材料。 |
| The recordation authority may hold regulatory talks with senior executives and major credit rating analysts on policies and regulations, business skills, and other aspects to assess the compliance of their professional quality. | | 备案机构可以对高级管理人员和主要信用评级分析人员进行政策法规、业务技能等方面的监管谈话，以评估其专业素质的合格性。 |
| Article 10 Where a credit rating agency forms a branch office, within 30 days after the formation of the branch office, the credit rating agency shall undergo recordation formalities at the original recordation authority and the branch office of the credit rating agency shall undergo recordation formalities at the recordation authority respectively, and submit the following materials: | | 第十条 信用评级机构设立分支机构的，自该分支机构成立之日起30日内，信用评级机构应当向原备案机构、信用评级机构分支机构应当向备案机构分别办理备案，并提交以下材料： |
| (1) Recordation Form of the Branch Office of the Credit Rating Agency. | | （一）信用评级机构分支机构备案表； |
| (2) A photocopy of the business license of the branch office of the credit rating agency. | | （二）信用评级机构分支机构营业执照复印件； |
| (3) Description of the business premise and organizational structure of the branch office of the credit rating agency. | | （三）信用评级机构分支机构营业场所及组织机构设置说明； |
| (4) Description of the information on senior executives and credit rating analysts of the branch office of the credit rating agency, and certification documents. | | （四）信用评级机构分支机构高级管理人员和信用评级分析人员情况说明和证明文件。 |
| Article 11 A credit rating agency shall undergo modification recordation formalities at the recordation authority within 30 days after the modification or occurrence of any of the following matters: | | 第十一条 信用评级机构应当自下列事项变更或者发生之日起30日内，向备案机构办理变更备案： |
| (1) The agency name or business premise. | | （一）机构名称、营业场所； |
| (2) Shareholders who hold 5% or more of the amount of investment or shares, and the actual controller and beneficial owners. | | （二）持有出资额或者股份5%以上的股东，实际控制人、受益所有人； |
| (3) Directors, supervisors, senior executives, and credit rating analysts. | | （三）董事、监事、高级管理人员、信用评级分析人员； |
| (4) Conducting the relevant market credit rating business in accordance with laws and regulations as well as the provisions of the department in charge of the industry and business administrative departments. | | （四）按照法律法规、行业主管部门和业务管理部门的规定开展相关市场信用评级业务； |
| (5) No longer engaged in the credit rating business. | | （五）不再从事信用评级业务。 |
| In the case of modification or occurrence of any matter set out in subparagraphs (1), (3) and (5) of the preceding paragraph of a branch office of a credit rating agency, the credit rating agency or its branch office shall undergo modification recordation formalities at the recordation authority respectively within 30 days after the modification or occurrence of the relevant matter. | | 信用评级机构分支机构前款第一项、第三项和第五项事项变更或者发生的，信用评级机构及其分支机构应当自相关事项变更或者发生之日起30日内向各自的备案机构办理变更备案。 |
| Article 12 Where a credit rating agency is dissolved or declared bankrupt in accordance with the law, it shall file a report with the recordation authority, and handle the credit rating database system according to the following methods: | | 第十二条 信用评级机构解散或者被依法宣告破产的，应当向备案机构报告，并按照以下方式处理信用评级数据库系统： |
| (1) Agreeing upon with any other credit rating agency to transfer the system to it. | | （一）与其他信用评级机构约定，转让给其他信用评级机构； |
| (2) If the system cannot be transferred according to the provisions of the preceding paragraph, it shall be transferred to the credit rating agency designated by the recordation authority. | | （二）不能依照前项规定转让的，移交给备案机构指定的信用评级机构； |
| (3) If the system cannot be transferred or handed over according to the provisions of the aforesaid two subparagraphs, it shall be destroyed under the supervision of the recordation authority. | | （三）不能依照前两项规定转让、移交的，在备案机构的监督下销毁。 |
| Article 13 Where the relevant credit rating business qualification is otherwise provided for by business administrative departments, such provisions shall prevail. | | 第十三条 业务管理部门对有关信用评级业务资质另有规定的，从其规定。 |
| Chapter III Administration of Credit Rating Practitioners | | 第三章 信用评级从业人员管理 |
| Article 14 A credit rating agency shall file the basic information on its senior executives and credit rating analysts with the recordation authority. | | 第十四条 信用评级机构应当将高级管理人员和信用评级分析人员的基本信息向备案机构办理备案。 |
| Article 15 Where any senior executive or credit rating analyst of a credit rating agency resigns and is retained by a rated economic entity, a rated debt financing instrument issuer, credit rating principal or the lead underwriter rated by him or her before, the credit rating agency shall inspect the credit rating work relating to his or her employer participated in by him or her in the two years before his or her resignation. If it does affect the rating result, the credit rating agency shall disclose the inspection result and adjustments to the original credit rating result in a timely manner. | | 第十五条 信用评级机构的高级管理人员和信用评级分析人员离职并受聘于其曾参与评级的受评经济主体、受评债务融资工具发行人、信用评级委托方或者主承销商的，信用评级机构应当检查其离职前两年内参与的与其受聘机构有关的信用评级工作。对评级结果确有影响的，信用评级机构应当及时披露检查结果以及对原信用评级结果的调整情况。 |
| Article 16 A credit rating agency shall provide business training to and test the business capability of senior executives and credit rating analysts on a periodical basis, take effective measures to enhance the professional ethics and business capability of practitioners, and make training and testing records in an appropriate manner. | | 第十六条 信用评级机构应当定期对高级管理人员和信用评级分析人员进行业务培训和业务能力测试，采取有效措施提高从业人员的职业道德和业务水平，并做好培训和测试记录。 |
| Chapter IV Credit Rating Procedures and Business Rules | | 第四章 信用评级程序及业务规则 |
| Article 17 A credit rating agency shall conduct annual inspection and assessment of the effectiveness of its internal management rules, propose measures for the handling of the existing problems, and submit inspection and assessment reports to the department in charge of the credit rating industry and business administrative departments for recordation within four months after the end of each fiscal year. | | 第十七条 信用评级机构应当对内部管理制度的有效性进行年度检查和评估，就存在的问题提出处理措施，并于每个财务年度结束之日起四个月内将检查和评估报告向信用评级行业主管部门和业务管理部门报备。 |
| Article 18 A credit rating agency shall establish sound credit rating rules, and explicitly provide for the classification and definition of credit rating, rating methods and procedures, rating quality control, due diligence, credit rating review committee, publicity of rating results, and follow-up rating, among others. | | 第十八条 信用评级机构应当建立完善的信用评级制度，对信用等级的划分与定义、评级方法与程序、评级质量控制、尽职调查、信用评级评审委员会、评级结果公布、跟踪评级等进行明确规定。 |
| Article 19 Before commencing an entrusted rating project, a credit rating agency shall sign a rating agreement with the principal to specify the rights and obligations of both parties to the rating. | | 第十九条 信用评级机构在开展委托评级项目前，应当与委托人签订评级协议，明确评级双方的权利和义务。 |
| Article 20 A credit rating agency shall establish a rating project team when conducting the credit rating business. | | 第二十条 信用评级机构在开展信用评级业务时，应当组建评级项目组。 |
| The credit rating agency shall devote sufficient and experienced analysis resources to each rating project. Members of the rating project team shall have the work experience of conducting the relevant projects or the knowledge structure commensurate with the rating project, and the rating project team leader shall have sufficient experiences and have been engaged in the credit rating business for three years or more. | | 信用评级机构应当对每一评级项目投入充分的富有经验的分析资源。评级项目组成员应当具备从事相关项目的工作经历或者与评级项目相适应的知识结构，评级项目组长应当有充分的经验且至少从事信用评级业务三年以上。 |
| Article 21 A credit rating agency shall conduct due diligence of the rated object, conduct necessary assessment to ensure that the information sources required for rating are reliable and fully meet the needs of use, and formulate detailed investigation outlines before conducting investigation. | | 第二十一条 信用评级机构应当对评级对象开展尽职调查，进行必要的评估以确信评级所需信息来源可靠且充分满足使用需求，并在调查前制定详细的调查提纲。 |
| In the course of investigation, the credit rating agency shall prepare due diligence working paper, and archive and keep it as the rating material. | | 调查过程中，信用评级机构应当制作尽职调查工作底稿，作为评级资料一并存档保管。 |
Article 22 The rating project team shall collect relevant materials of a rated object in accordance with the law, inspect, validate and objectively analyze the content of documents and materials on which the rating project is based, and work out the preliminary rating result on such a basis.
．．．．．． | | 第二十二条 评级项目组应当依法收集评级对象的相关资料，并对所依据的文件资料内容进行核查验证和客观分析，在此基础上得出初评结果。
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