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Article 13
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A credit rating agency shall report any of the following circumstances to the FSC for recordation within ten (10) days after its occurrence:
- Any resolution made by a shareholders meeting or board of directors meeting.
- A change in shareholding of any shareholders holding more than ten (10) percent of the total outstanding shares.
- A change of directors, supervisor(s), managerial officers, or associated persons;
- A change of its principal business place.
- A reorganization, liquidation, bankruptcy, or a major lawsuit.
- Other items for which the FSC requires reporting.
Where an internationally recognized credit rating agency receives approval to establish a branch office in the Republic of China pursuant to the provisions of Article 5, it may be exempted from subparagraphs 1 and 2 of the preceding paragraph, and from the provisions of subparagraph 3 that require reporting a change of directors or supervisor(s). Where any of the following events occur with respect to a branch office's head office, the branch office shall of its own accord inform the FSC of that fact within ten (10) days, presenting a description of the facts and other related information:
- The company is dissolved or suspends its business activities.
- A reorganization, liquidation, or bankruptcy occurs.
- A major violation of law occurs, or the competent authority in the head office's country revokes its business permission.
- A merger takes place, the company transfers all or a significant portion of its assets or business, or receives the transfer of such items.
- A major lawsuit occurs.
- A major change in operating policy occurs.
- The governing laws and regulations in the head office's home country change significantly.
- Other major events occur that may affect the company's ability to continue business operations.
Where any of the personnel changes listed in subparagraph 3 of paragraph 1 occurs, the company employing such personnel cannot be exempted from responsibility for their actions until it has properly carried out procedures for change of personnel.
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