The corporate bylaws referred to in Article 10, paragraph 1, subparagraph 2 shall include the following:
Any credit rating agency already established and registered prior to the entering into force of the 31 December 2015 amendments to these Regulations shall amend its corporate bylaws in accordance with the provisions of the preceding paragraph and submit them to the FSC for recordation within six months from the date on which the amendments enter into force.
- The organization and the responsibilities of each department.
- The internal management control system, including rules regarding the independence of ratings, conflicts of interest, and legal compliance.
- The internal accounting control system.
- The deployment, management and training of personnel.
- The principles and policy for business operation, and the fee policy.
- The rating procedures, rating scales, standards, and division of responsibilities, including the methodology for each type of credit rating and the establishment and methods of use of statistical databases.
- The organization and operations of the rating committee.
- The announcement of ratings and relevant confidentiality measures.
- The complaint handling mechanism.
- Other items that the FSC may require.
The scope of the major contents of the above bylaws shall be formulated by the FSC.
A credit rating agency shall operate business in accordance with the laws, Articles of Incorporation, and the corporate bylaws referred to in paragraph 1.
The formulation of or amendment to the corporate bylaws referred to in paragraph 1 shall be reported to the FSC for recordation. If any order for amendment to the bylaws is made by the FSC, the amendment shall be made accordingly within the prescribed time period.