The following rating agencies shall be Credit Rating Agencies approved by the Office of the Securities and Exchange Commission of Thailand to issue credit rating for instruments or businesses related to issuance and offer for sale under the Notification of the Capital Market Supervisory Board and instruments. They are required to provide credit ratings under the rules related to investment of mutual funds and private funds.

In the case where the credit rating for instruments or businesses related to issuance and offer for sale under the Notification of the Capital Market Supervisory Board, the domestic Credit Rating Agencies shall assign the credit rating within the a specified scope. Credit rating agency business is excluded from securities business in the category of securities investment advisory. In case credit rating agencies established under a foreign law issue a credit rating for instruments or businesses related to issuance and offer for sale of instruments in the Kingdom of Thailand, such credit rating agencies shall comply with the following requirements:

• In case of issuing the credit rating to structured finance product, symbols used shall be different from those used in issuing the credit rating to general debt instruments, provided that the symbols’ meanings shall be clearly explained and disclosed to investors;
• in case of unsolicited rating disclosed in Thai language, the following requirements shall be complied:
  • policy and practice guideline for issuance of the credit rating in such cases shall be clearly specified;
  • in disseminating the credit rating to the public, the following information shall always be correctly and completely disclosed the issuance of the credit rating was not hired by instrument issuer and whether or not the instrument issuer participated in providing of information for the purpose of issuing the credit rating; sources of information used in issuing the credit rating. If any credit rating agency lacks suitability or credibility in undertaking of credit rating business or fails to comply with guideline in undertaking of credit rating business as specified by International Organization of Securities Commissions (IOSCO) or fails to comply with the requirement specified in Thai law.