Conditions for Obtaining Approval as a Credit Rating Agency

• Approval to operate as a credit rating agency must meet the following conditions:

1. The company must be either:

   • An international credit rating agency, or

   • A credit rating agency listed in the registry of a country that is a member of the International Organization of Securities Commissions (IOSCO), or

   • A credit rating agency from a country that has established cooperation with the Lao Securities Commission Office (LSCO) through a signed Memorandum of Understanding (MoU) (in the case of a foreign credit rating agency);

2. The company must have an internal management and control system that provides adequate assurance;

3. The company must have at least two personnel responsible for credit rating who possess:

   • A Chartered Financial Analyst (CFA) designation,

   • A professional certificate in credit rating, and/or

   • A certificate of recognition as a credit rating professional from a foreign securities regulatory authority,
     and must also have at least two years of experience in credit rating in the field of securities;

4. The company must be financially sound or demonstrate profitable business operations in at least one fiscal year prior to submitting the application documents to the Lao Securities Commission Office;

5. Other conditions as may be specified by the Lao Securities Commission Office.