Membership of ACRAA is governed by the following guidelines:

• Any Asian credit rating agency is eligible to become a member of the Association.

• Admission to membership shall be effective upon the approval of the Board of Directors.

• Members shall pay the Association such annual dues as may be determined by the Board of Directors from time to time. Membership fees shall be subject to an annual review by the Board of Directors. Fees are to be paid in full within forty-five (45) days from the start of the fiscal year.

• Each member shall be entitled to one representation in the General Meetings of the Association. Only designated officers of members who are registered with ACRAA may be nominated and elected to any position in the Association. A delegate representing a member shall, if required, present his authorisation to the General Meeting.

• A member may at anytime withdraw from membership provided the annual fees are paid up to the year of withdrawal. The withdrawal shall be effective upon receipt by the Secretariat of such written notice of withdrawal.

• A member may be suspended or expelled for cause by a two-thirds majority vote of the Board of Directors,provided the member subject of suspension or expulsion shall be given at least thirty (30) days' written notice and a reasonable opportunity to be heard and to defend itself. Any readmission of a suspended or expelled member by the Board of Directors must be ratified by a majority vote of a General Meeting. Members may also propose readmission of a suspended or expelled member at a General meeting.

• A member shall have the right to propose its representative as a candidate for election to the Board of Directors.

Minimum requirements for membership of ACRAA

a. The Applicant must be organized and domiciled, and its operations based in Asia.

b. It must be duly accredited as a credit rating agency by the duly established regulatory authorities in the country of domicile. If there is no regulatory authority, the board will decide whether to waive this requirement or not.

c. It has been in operation for at least one year with a full-time staff of analysts orhas assigned credit ratings to at least 5 accounts/entities, whichever comes first.