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Article 10
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The incorporation registration of a credit rating agency incorporated pursuant to the provisions of Article 4 shall be completed within six months following approval by the FSC; the applicant shall thereafter file an application and the following documents, together with related documentary proofs, to the FSC for issuance of a business license:
- A photocopy of the letter approving incorporation registration.
- The corporate bylaws.
- A shareholders list and the minutes of shareholders meeting.
- A list of directors and supervisor(s) and a written statement declaring the inapplicability of paragraph 1 of Article 6 of these Regulations.
- Minutes of the board of directors meeting.
- A list of managerial officers and a statement declaring the inapplicability of paragraph 1 of Article 6 of these Regulations and a certification of compliance with paragraph 1 of Article 17 of these Regulations.
- A list of associated persons and a statement declaring the inapplicability of paragraph 1 of Article 54 of these Regulations.
- Documentary proof that the credit rating agency is equipped with adequate rating expertise and data for the implementation of its business.
- Other documents that the FSC may require.
Where an internationally recognized credit rating agency intends to establish a branch office in the Republic of China pursuant to the provisions of Article 5, it shall duly complete incorporation registration of the branch office within six months following approval by the FSC, and shall thereafter apply to the FSC for issuance of a business license, submitting an application form and the following documents together with related documentary proofs:
- A photocopy of the letter approving the branch office's incorporation registration.
- Documentary proof that the branch office possesses the amount of working capital required under the provisions of paragraph 1 of Article 5.
- The corporate bylaws.
- A list of directors and supervisors, and a written statement that none of the items listed under paragraph 1 of Article 6 apply to any of the said persons.
- A list of managerial officers, a written statement that none of the items listed under paragraph 1 of Article 6 apply to any of the managerial officers, and documentary proof that all of the managerial officers possess each of the qualifications listed under paragraph 1 of Article 17.
- A list of associated persons, and a written statement that none of the items listed under paragraph 1 of Article 54 of the Act apply to any of the associated persons.
- Other documents that the FSC may require.
In the event a credit rating agency fails to apply for a business license within six (6) months after incorporation registration of a company or branch office, the FSC may void its approval. The period prescribed above may be extended, however, should the said credit rating agency apply to the FSC, with just cause, prior to the expiry of the period. Such an extension shall not be for more than six (6) months and may be granted only once.
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