License to Operate a Foreign Credit Rating Agency
ໃບຮັບຮອງບໍລິສັດຈັດລຳດັບຄວາມໜ້າເຊື່ອຖືຈາກຕ່າງປະເທດ
| General information | ||
|---|---|---|
| Type of formality | License | |
| Date of last modification | 27.12.2017 | |
| Responsible Authorities | Lao Securities Commission Office
(021 217770;) |
|
| LSIC | K - Financial and insurance activities | |
| Who should complete this business formality? |
A Credit Rating company established and operating in other country that intends to provide credit rating services relating to securities, including: 1. rating of quality and risk of the securities; 2. rating of the management system; and 3. rating of the financial status of the listed companies |
|
| Qualifications needed by the business to get the formality |
1. Being the international credit rating company that is reputable and internationally acknowledged or being the credit rating company listed in the country that is a member of IOSCO or the country that has the MOU with LSCO; 2. Having a good reputation and having experience in credit rating work 3. Having a guaranteed and standardized internal management system 4. Having at least 2 credit rating officers that got the CFA certificate, Rating practitioner certificate issued by the securities authorities from abroad and that have the working experience in credit rating for at least 2 years 5. Having good financial conditions or having a profitable operation for at least 1 year after the issuance of the application to LSCO |
|
| Additional Comment |
The provision of the credit rating without getting the license shall be subject to the penalty of 100 Million LAK. Please refer to article 114 of Regulation 002/LSCO, dated 08 December 2015. |
|
| LEGAL FRAMEWORK | ||||
|---|---|---|---|---|
| Name | Number | Date | Comment | |
| Law on Securities | 21/NA | 10.12.2012 | Article 94-95 | "" |
| Regulation on Approval of Foreign Credit Rating Agency | 002/LSCO | 08.12.2015 | ||
| REQUIRED DOCUMENTS FORMALITIES - First time | ||||
|---|---|---|---|---|
| Name | Comment | |||
| Copy of Chartered Financial Analyst | ||||
| Company's Regulations | ||||
| Business Plan | ||||
| Application Form | as defined by the LSCO |
|||
| Business Activities Report | and financial reports a year before submitting the application to LSCO |
|||
| Enterprise Registration Certificate | or copy of Establishment Permit |
|||
| Curriculum Vitae | of the Credit Rating Practitioners. Use the template by the LSCO |
|||
| Certificate of Rating Practitioner | or Certification from the Securities Authority in rating practitioner's country of origin |
|||
| REQUIRED DOCUMENTS FORMALITIES - Renew | ||||
|---|---|---|---|---|
| Name | Comment | |||
| Mean of presentation | ||
|---|---|---|
| Means of presentation | At the Authority Offices | |
| Address of authority | Lao Securities Commission Office, Bank of Lao PDR | |
| Processing Time (Day(s)) | 30 | |
| RENEWAL INFORMATION | ||
|---|---|---|
| Does the formality have a validity or an expiration date? | YES | |
| How long will the formality be valid for? (in months) | 36 | |
| What is the process and conditions to renew the formality? | The Company must provide documentation and comply with the requirements to LSCO before 45 days prior to the expiry date. | |
| ISSUING FEES | ||||
|---|---|---|---|---|
| Has application fees? | Service fees | Certificate fees | Application fees | Total fees |
| YES | 0.00 | 20000000.00 | 0.00 | 20000000.00 |
| Comments |
According to LSCO Regulation No. 002/LSCO |
|||
| RENEWAL FEES | ||||
|---|---|---|---|---|
| Has renewal fees? | Service fees | Certificate fees | Renewal fees | Total renewal fees |
| YES | 0.00 | 10000000.00 | 0.00 | 10000000.00 |
| Comments |
According to Regulation No. 002/LSCO, the enterprise shall pay the Annual Management Fee as well on the first quarter of the following year in addition to the Certificate fee for the renewal, |
|||
