The Financial Supervisory Commission (“FSC”) announced on June 18, 2013 the proposed amendments to the “Regulations Governing the Offering and Issuance of Securities by Securities Issuers”, “Regulations Governing the Offering and Issuance of Securities by Foreign Issuers”, and “Regulations Governing the Offering and Issuance of Overseas Securities by Issuers”.  The amendments propose to remove the requirement that credit rating reports should be obtained by a domestic issuer issuing domestic and foreign corporate bonds and by a foreign issuer issuing domestic corporate bonds.  The FSC will no longer require issuers to produce such reports for its review.