CHI NAFMII issuedSelf-discipline guidelines for credit rating business and Information disclosure guidelines for credit rating business, to strengthen self-discipline in credit rating management in the interbank bond market, standardize credit rating business.
Notice
Credit rating agencies must conduct periodic follow-up ratings and disclose results for non-financial corporate debt financing instruments issued after Jun. 1, 2024.
For instruments issued before, agencies may refer to guidelines for periodic follow-up.
Credit rating agencies are required to establish and improve rating methodology models, internal control systems, reporting them annually to CHI NAFMII by Apr. 30.
Credit rating reports shall be issued following the Information disclosure guidelines, with the previous rating report disclosure table (P table) abolished.
The disclosure requirements in prospectuses and offering circulars for registered or issued non-financial corporate debt financing instruments are revised.
Rating results shall be disclosed within validity period, as required in the registration issuance documents; relevant sections shall include information on the rating agency.
If only issuer's rating is disclosed without specific debt rating arrangements, reports shall comply with self-discipline rules and include only issuer rating information.
Legal opinions re rating agency qualifications shall be provided by law firms.
Emphasize rating independence and internal control management; simplify the operational details to encourage personalized and innovative development.
Focus on investor orientation and rating quality to enhance market competition.
Information disclosure guidelines focus on standardization of disclosure content and frequency, requirement for rating agencies to regularly disclose rating quality inspection results, as well as strengthening market supervision and constraints.
Transitional notice clarifies connection arrangements between old, new rules; specifies rating information disclosure requirements in registration issuance documents.
