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Article 19
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The directors, supervisor(s) or managerial officers of a credit rating agency shall not make investments in or serve concurrently as the directors, supervisor(s) or managerial officers of another credit rating agency, provided that the above provisions do not apply when an internationally recognized credit rating agency invests in the establishment of a credit rating agency in accordance with the provisions of Article 9 of these Regulations, and serves concurrently as director, supervisor or managerial officer, and prior approval has been obtained from the FSC.
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