An agency engaging in the credit rating business shall be approved by the Financial Supervisory Commission (the FSC) and issued a business license before it may commence business operations. The above provisions shall apply to the establishment of a branch office.
A credit rating agency establishing a branch office abroad shall be approved by the FSC, and shall file a report accompanied with the following documents to the FSC for recordation within one month after completion of establishment:
- One photocopy of approval letter for establishment issued by the local government authority in charge.
- A register of managerial officers and associated persons.