Regulations Governing the Administration of Credit Rating Agencies Article 15
A credit rating agency shall publicly disclose the following matters on its company website:1.Its business report, to be published within three months after the close of each fiscal year.2.Its credit rating procedures and methodologies, and key assumptions employed, and, in the event of any changes, the reasons for the change, the discrepancies, and the impact on the current ratings shall also be published.3.In conducting initial rating, surveillance rating, adjustment of ratings, and withdrawal of ratings, the credit rating agency shall immediately publish the credit rating result and the rating reasons, and the historical rating results for the past five years, except in cases where the rating is not intended for public use.4.Any of the following circumstances that is likely to cause a conflict of interest, if the circumstance is related to any individual credit rating, shall be published along with the credit rating results:A.The fee policy for providing the credit rating service.B.Any related services that the credit rating agency provides for the rated entity, or the issuer, originator, arranger, or underwriter of the rated instrument.C.The credit rating agency provides an initial rating evaluation prior to being engaged to conduct the rating.D.Any other conflict of interest that may affect the credit rating.5.Definitions of the credit rating scales for each class of credit ratings.6.An employee code of conduct.When a credit rating agency makes any of the announcements under subparagraphs 2 and 3 of the preceding paragraph, it shall note any limitations in the data that were analyzed as well as risks that cannot be reflected by the credit rating. The credit rating agency must also use appropriate labeling to distinguish ratings for structured instruments or unsolicited ratings, and explain the meanings of such labeling, and shall publicly disclose the following matters:1.For credit ratings of structured instruments, the sensitivity analysis of the key assumptions, loss test and cash flow analysis, and the due diligence process used by the credit rating agency as a basis of assessment shall also be published.2.For unsolicited ratings, the level of participation by the rated entity in the rating process, and the information that such entity provides shall also be published.The business report of paragraph 1 shall include the following items:1.A company profile, including the date of establishment, company history, organizational system, and the equity structure of the directors, supervisors, or major shareholders holding more than a 10 percent stake in the company. When a director or supervisor is a juristic person shareholder representative, it shall note the name of the juristic person shareholder and its shareholding ratio, and the names of the top ten shareholders and their shareholding ratios shall also be noted.2.Business overview, which shall include the following:A.Credit rating criteria, methodologies, models, and rating assumptions, and their differences from the previous year, and how the differences affect the ratings.B.The content of outsourced work.C.The credit ratings issued during the previous year and information on changes in the credit ratings, including the number of cases for each class of credit ratings, and the ratios of rating maintenance, rating upgrades, rating downgrades, default ratings, and rating withdrawals.D.The rates of default ratings for the most recent 10 years, and analysis of the transition matrix for the most recent 1, 3, 5, and 10 years for each class of credit ratings.E.The name and the percentage of operating income accounted for by any client, or any client in combination with its affiliated entities, whose contribution to operating income exceeds 10 percent.3.Financial condition, including the percentage of total operating income accounted for by credit rating services income, and the percentage of total operating income accounted for by operating income unrelated to credit rating services.4.A review and analysis of the company's financial condition and business development.5.Risk management matters, including, but not limited to operational risk, reputational risk, legal risk, and information security risk.6.Litigious or non-litigious events: If any major litigious, non-litigious, or administrative dispute that has been concluded by a final and unappealable judgment or is still pending could materially affect the company's finances or business, disclose the facts of the dispute, amount of money at stake in the dispute, the date of commencement of litigation, and the status of the dispute's handling as of the date of printing of the business report. If the credit rating agency is a branch office established in Taiwan by an internationally recognized credit rating agency, it also shall disclose any above-mentioned information of its head office.7.Matters of special note.
中文原文 信用評等事業管理規則第15條
信用評等事業應於其公司網站公告下列事項：
一、於每會計年度終了後三個月內公告營業報告書。
二、信用評等程序、方法及關鍵性假設，發生變動時應併同公布其變動原因、差異內容及影響現有評等之情形。
三、於辦理初始評等、續後評等、調整評等及撤銷評等時，應即時公告評等結果與其依據及過去五年之歷史評等結果。
但不涉及對外使用之信用評等，不在此限。
四、有下列可能產生利益衝突之情形，若與個別評等相關者，應與評等結果一併公告：
（一）提供信用評等服務之收費政策。
（二）信用評等事業為受評等機構或受評等標的之發行機構、創始機構、安排機構或證券承銷商提供相關服務。
（三）於受委任進行評等前，提供評等等級之初步評估。
（四）其他可能影響評等之利益衝突情形。
五、各種類信用評等等級之定義。
六、人員行為準則。
信用評等事業為前項第二款及第三款之公告時，應註明分析資料受限情形及信用評等無法反映之風險。
對於結構型商品或非屬受評等機構委託產生之信用評等，須採取適當標示及說明該標示之意義，以為區隔，並應公告下列事項：
一、結構型商品之信用評等，應併同公布其關鍵性假設之敏感性分析、損失測試與現金流量分析，及該信用評等事業作為評估依據之盡職調查程序。
二、非屬受評等機構委託產生之信用評等，應併同公布受評等機構於評等程序之參與程度及所提供之相關資訊。
第一項所稱營業報告書，其內容應記載下列事項：
一、公司簡介：包括設立日期、公司沿革、組織系統、董事、監察人或持股超過百分之十大股東股權之組成。
董事、監察人屬法人股東代表者，應註明法人股東名稱及該法人之股東持股比例，占前十名之股東名稱及其持股比例。
二、營運概況。
應包括下列事項：
（一）信用評等方針、方法、模型及假設與其前一年度之變動內容及影響評等之情形。
（二）委外作業內容。
（三）前一年度已公布之信用評等結果及信用評等異動資訊，包括各信用評等種類之評等件數，與評等維持、評等調升、評等調降、違約等級及評等撤銷之比率。
（四）各信用評等種類近十年違約等級比率與近一、三、五、十年信用評等變動矩陣之分析資料。
（五）客戶及該客戶之關係企業合併對信用評等事業之年營業收入貢獻超過百分之十者，其名稱及所占營業收入比例。
三、財務概況：包括信用評等收入占總營業收入比例、信用評等服務以外其他營業收入占總營業收入比例。
四、財務狀況及經營結果之檢討分析。
五、風險管理事項：應至少包含作業風險、信譽風險、法律風險及資訊安全風險等事項。
六、訴訟或非訟事件：已判決確定或尚在繫屬中之重大訴訟、非訟或行政爭訟事件，其結果可能對公司財務或業務有重大影響者，應揭露其系爭事實、標的金額、訴訟開始日期及截至營業報告書刊印日止之處理情形。
如屬國際知名信用評等機構在中華民國境內設立之分支機構者，應併揭露其本公司前開資訊。
七、特別記載事項。
一、於每會計年度終了後三個月內公告營業報告書。
二、信用評等程序、方法及關鍵性假設，發生變動時應併同公布其變動原因、差異內容及影響現有評等之情形。
三、於辦理初始評等、續後評等、調整評等及撤銷評等時，應即時公告評等結果與其依據及過去五年之歷史評等結果。
但不涉及對外使用之信用評等，不在此限。
四、有下列可能產生利益衝突之情形，若與個別評等相關者，應與評等結果一併公告：
（一）提供信用評等服務之收費政策。
（二）信用評等事業為受評等機構或受評等標的之發行機構、創始機構、安排機構或證券承銷商提供相關服務。
（三）於受委任進行評等前，提供評等等級之初步評估。
（四）其他可能影響評等之利益衝突情形。
五、各種類信用評等等級之定義。
六、人員行為準則。
信用評等事業為前項第二款及第三款之公告時，應註明分析資料受限情形及信用評等無法反映之風險。
對於結構型商品或非屬受評等機構委託產生之信用評等，須採取適當標示及說明該標示之意義，以為區隔，並應公告下列事項：
一、結構型商品之信用評等，應併同公布其關鍵性假設之敏感性分析、損失測試與現金流量分析，及該信用評等事業作為評估依據之盡職調查程序。
二、非屬受評等機構委託產生之信用評等，應併同公布受評等機構於評等程序之參與程度及所提供之相關資訊。
第一項所稱營業報告書，其內容應記載下列事項：
一、公司簡介：包括設立日期、公司沿革、組織系統、董事、監察人或持股超過百分之十大股東股權之組成。
董事、監察人屬法人股東代表者，應註明法人股東名稱及該法人之股東持股比例，占前十名之股東名稱及其持股比例。
二、營運概況。
應包括下列事項：
（一）信用評等方針、方法、模型及假設與其前一年度之變動內容及影響評等之情形。
（二）委外作業內容。
（三）前一年度已公布之信用評等結果及信用評等異動資訊，包括各信用評等種類之評等件數，與評等維持、評等調升、評等調降、違約等級及評等撤銷之比率。
（四）各信用評等種類近十年違約等級比率與近一、三、五、十年信用評等變動矩陣之分析資料。
（五）客戶及該客戶之關係企業合併對信用評等事業之年營業收入貢獻超過百分之十者，其名稱及所占營業收入比例。
三、財務概況：包括信用評等收入占總營業收入比例、信用評等服務以外其他營業收入占總營業收入比例。
四、財務狀況及經營結果之檢討分析。
五、風險管理事項：應至少包含作業風險、信譽風險、法律風險及資訊安全風險等事項。
六、訴訟或非訟事件：已判決確定或尚在繫屬中之重大訴訟、非訟或行政爭訟事件，其結果可能對公司財務或業務有重大影響者，應揭露其系爭事實、標的金額、訴訟開始日期及截至營業報告書刊印日止之處理情形。
如屬國際知名信用評等機構在中華民國境內設立之分支機構者，應併揭露其本公司前開資訊。
七、特別記載事項。