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The rules, unveiled late Monday, stipulated that ratings agencies must apply for licenses from the stock regulator to rate bonds, asset-backed securities, fixed-income vehicles as well as other debt products listed domestically.

A ratings agency must have at least 20 million yuan (US$2.6 million) in both paid-up capital and net assets if it wants to rate securities, according to the rules. The agency must also employ at least 20 qualified securities professionals.

Debt issuers, listed firms, brokerages and fund management companies can also be rated by qualified agencies, according to the rules which the China Securities Regulatory Commission is seeking public opinion through July 3.

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The stock regulator earlier this month unveiled rules to grant itself the right to approve the issue of debt with maturities of more than one year by both overseas and domestically-listed companies.

Now, the National Development and Reform Commission, the top planner, has the sole right to approve all Chinese corporate debt sales, which are largely restricted to the big state-owned enterprises under its control.

Under the regulatory arrangement, the issuances of corporate bonds must gain good ratings from independent agencies before they can receive the regulatory green light.

The rules unveiled on Monday also noted that a ratings executive can't participate in rating a listed company if the person owns more than five percent of the firm's outstanding shares.

A ratings agency also can't rate a public company if it traded the firm's shares in the latest six months, according to the rules.

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