Singapore News -- International credit rating agency S&P Credit Rating has once again violated regulations in its business operations in China. After being warned and fined by the People's Bank of China last year, it has received a warning letter from the China Securities Regulatory Commission this time.
The Beijing Regulatory Bureau of the China Securities Regulatory Commission issued a warning letter to S&P Credit Rating (China) on Tuesday (September 30).
The Beijing Regulatory Bureau pointed out that S&P Credit Rating (China) did not follow the principle of consistency when engaging in securities rating business, nor did it disclose information as required, which violated the provisions of Article 4, Article 39, and Article 42 of the Measures for the Administration of Securities Market Credit Rating Business.
The regulatory authority requires S&P Credit Rating's subsidiary in China to immediately carry out comprehensive rectification and strictly comply with relevant regulations. The principle of consistency refers to the requirement that credit rating agencies must adopt consistent standards and procedures when conducting ratings or following up on ratings, and any adjustments must be fully disclosed.
According to a report by Caixin, S&P Credit Rating stated that it has received relevant notifications and promised to take necessary measures to rectify the relevant issues to ensure compliance with regulatory requirements.
This is the second violation by S&P Ratings since it was granted permission to conduct rating business in China in 2019. Last year, the institution was warned by the People's Bank of China and fined 2.12 million yuan (380000 Singapore dollars) for failing to conduct business in accordance with legal procedures, failing to submit reports to industry regulatory agencies as required, and violating consistency principles.
|
300x180 AD