| Article 18 |
The directors, supervisor(s), managerial officers, mandataries or employees of a credit rating agency shall not concurrently work in any way or take any honorary position for the rated entity or the issuer, originator, arranger, or underwriter of the rated instrument, provided that when due to an investment relationship, the directors, supervisor(s) or managerial officers of such entity may concurrently hold the position of director or supervisor at the credit rating agency if the matter is reported to and approved by the FSC.
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