Vietnam: 04 cases that a credit rating agency has its business eligibility certificate revoked

According to Article 25 of the Decree No. 88/2014/NĐ-CP of Vietnam’s Government, a credit rating agency has its business eligibility certificate revoked in the 04 following cases:

- It fails to meet one of the conditions prescribed in Clauses 1 thru 6, Article 14 of this Decree within six (6) consecutive months;

- It commits one of the prohibited acts prescribed in Clauses 1 thru 9, Article 7 of this Decree;

- It is dissolved, falls bankrupt or terminates the provision of credit rating services;

- It has its enterprise registration certificate revoked.

A business eligibility certificate shall be automatically invalidated in the cases that the credit rating agency is dissolved, falls bankrupt or terminates the provision of credit rating services or has its enterprise registration certificate revoked.

Note: The Ministry of Finance shall issue decisions on revocation of business eligibility certificates in the cases specified above. Decisions on revocation of business eligibility certificates of agencies shall be posted on the website of the Ministry of Finance.

Agencies shall immediately terminate their credit rating activities and credit rating- related services when their business eligibility certificates are automatically invalidated or decisions on revocation of their business eligibility certificates take effect.

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

Ty Na

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