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The credit rating rules involve bonds, asset-backed securities, and fixed-income securities either authorized by CSRC or listed at the stock markets. The corresponding issuers, listed companies, non-listed public companies, securities companies and fund management companies that invest in securities also fall under the rules.

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According to the rules, an institution applying for a securities credit rating license should have a paid-up capital and net assets of no less than 20 million yuan (US$2.62 million) respectively, and well-performing internal control and management systems.

Foreigners will only be qualified to take charge of credit rating businesses when they have a work experience of at least 3 years in the Chinese mainland, Hong Kong or Macao.

Directors, senior managers and employees in securities credit rating agencies should not work part-time for companies under credit rating and invest in other credit rating institutions. Credit rating institutions are forbidden to provide financing and assurance.

Credit rating institutions violating the rules will be fined 10,000 yuan to 30,000 yuan, and so will the responsible managers.

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