Decree No. 88/2014/NĐ-CP of Vietnam’s Government: Rights and obligations of credit rating agencies

According to the Decree No. 88/2014/NĐ-CP of Vietnam’s Government, rights and obligations of credit rating agencies are specified as follows:

1. Credit rating agencies have the following rights:

- To provide services specified in Article 12 of the Decree No. 88/2014/NĐ-CP;

- To receive charges for provision of the services specified in Article 12 of the Decree No. 88/2014/NĐ-CP;

- To request organizations subject to credit rating to provide necessary documents and information relating to credit rating contracts.

2. Credit rating agencies have the following obligations:

- To provide credit rating services only when obtaining business eligibility certificates and to disclose information under Article 18 of the Decree No. 88/2014/NĐ-CP;

- To adhere to the principles prescribed in Article 5 of the Decree No. 88/2014/NĐ-CP when organizing the provision of credit rating services;

- To comply with the Decree No. 88/2014/NĐ-CP and other relevant regulations when providing credit rating services;

- To ensure that the payment of salaries, wages and bonuses to analysts and members of credit rating councils does not depend on service charges and credit rating results of credit rating contracts in which these persons participate;

- To maintain all necessary conditions on capital, personnel and operation prescribed in the Decree No. 88/2014/NĐ-CP and other relevant regulations;

- To take responsibility before law and rated organizations for credit rating results under signed contracts.

View more details at the Decree No. 88/2014/NĐ-CP of Vietnam’s Government, effective from November 15, 2014.

Thuy Tram

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