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Article 10-1
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The FSC may deny permission if any of the following circumstances exists with respect to an application for establishment of a credit rating agency or issuance of a business license:
- Any of the circumstances of Article 6 exists with respect to any of the promoters, directors, supervisors or managerial officers.
- Any of the circumstances specified in the subparagraphs of Article 54, paragraph 1 of the Act exists with respect to any associated person.
- The application documents are found to contain any falsehood or misrepresentation.
- Any of the business plan, company bylaws, or internal control system is not concrete enough, or cannot be effectively implemented.
- There is a likelihood that the professional competence of any responsible person or associated person is insufficient for sound and effective operation of credit rating business.
- It is otherwise deemed necessary to protect the public interest.
If any application documents submitted under these Regulations are incomplete or contain incomplete information, and the FSC imposes a deadline for supplementation or correction and the deadline is not met, the application will be rejected.
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