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PBC Announcement [2017] No.7

To promote the opening-up of the interbank bond market and the healthy development of the credit rating industry, the People’s Bank of China (PBC), according to the Law of the People's Republic of China on the People's Bank of China, is making the following announcement on matters concerning the  credit rating agencies carrying out credit rating business in the interbank bond market.

For legal entities legally incorporated in overseas  (hereinafter referred to as overseas rating agencies) to engage in credit rating business in China's interbank bond market should also conform to the following conditions in addition to meeting the requirements on domestic rating agencies:.

(1) Registered or certified by regulatory authority in the host country or region and subject to the effective supervision of such regulator;

(2) The regulatory framework of credit rating industry in the host country or region complies with internationally recognized principles on credit rating regulation;

(3) Undertake to accepting regulation and supervision of PBC concerning their credit rating business in China's interbank bond market, or the credit rating regulator in the host country or region has signed with PBC a cooperation agreement on credit rating regulation;

(4) A subsidiary being set up in China and such subsidiary has been registered at the PBC central branch in the capital city of the host province or region or a PBC branch of a higher level.