| Article 23 |
The directors, supervisor(s), members of the ratings committee, managerial officers, mandataries, or employees of a credit rating agency may not engage in any of the following acts:
- Utilizing information obtained in the course of official duties to directly or indirectly engage in the trading of securities or other financial instruments.
- Disclosing trade secrets obtained in the course of official duties, except in response to a lawfully conducted inquiry.
- Issuing any credit rating report or information which lacks an analytical basis or reasonable grounds, and which would be likely to affect market order or harm the public interest.
- Participating in the process of design or providing related recommendations regarding the rated instruments.
- Soliciting, agreeing to accept, or accepting improper benefits from the rated entity or from the issuer, originator, arranger, or underwriter of the rated instrument.
- Other acts in violation of laws and regulations.
Personnel referred to in the preceding paragraph who participated in the credit rating process, or who have the authority to decide credit rating results, or to approve methodologies in connection with credit ratings, may not participate in the discussion, negotiation, or arrangement of rating fees.
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