1. Enhancement of the Required Content of the Corporate Bylaws of Credit Rating Agencies
To promote the sound operation and development of credit rating agencies and strengthen their internal management, and taking into reference the regulatory structures adopted by other nations, the Financial Supervisory Commission, pursuant to Article 11, paragraph 3 of the “Regulations Governing the Administration of Credit Rating Agencies”, amended the “Matters Required to be Included in the Corporate Bylaws of Credit Rating Agencies” on 12 April 2016. Key points of the amendment include the following: (1) the amendment adds content related to the management of the credit rating process and periodic review of credit rating methodologies; (2) it strengthens the internal management and control systems and employee compensation policies of credit rating agencies; (3) it enhances the independence, and avoidance of conflicts of interest, of credit rating agencies.