Regulations Governing the Administration of Credit Rating Agencies Article 20

The credit rating agency shall allocate an adequate number of competent managerial officers and associated persons based on the size of the agency, business conditions, and management need for internal control. Those personnel shall be full-time employees, and shall not perform business without first reporting to the FSC for approval.None of the items referred to in paragraph 1 of Article 54 of the Act shall apply to any of the associated persons referred to in the preceding paragraph.If any of the persons under paragraph 1, within one year after leaving the employment of the credit rating agency, is employed by a rated entity, or the issuer, originator, arranger, or underwriter of a rated instrument, in a rating case in which the person participated, the credit rating agency shall immediately examine the appropriateness of the credit rating results of the rating cases that the person participated in. If any impact is discovered, the credit rating agency shall immediately publish the circumstances of any conflict of interest and its impact on the credit rating result.