CSRC suspends ratings agency for violations
The China Securities Regulatory Commission said on Friday that it has suspended Dagong Global Credit Rating, one of three main ratings agencies in the nation, from bond market business for one year for charging extravagant fees for consultancy services to clients.
The regulator announced the punishment at a weekly news conference, on the same day the National Association of Financial Market Institutional Investors, or NAFMII, prohibited the firm from rating some types of credit products for a similar period, according to an announcement on its website.
The decision was made after the association conducted a national self-regulation inspection for short-and medium-term notes, mainly in the interbank bond market and foreign exchange market.
