Consultation Paper on Proposed Regulation of Credit Rating Agencies
Proposed requirements for Credit Rating Agencies to be licensed under the Capital Markets Services licensing regime of the Securities and Futures Act and be subject to licensing obligations.
Sets out the conduct requirements for credit rating agencies (CRAs) and their representatives, covering topics such as quality and integrity of the rating process, independence of CRAs, responsibilities of CRAs to the investing public and issuers and required disclosures.
Provides guidance to credit rating agencies (CRAs) and representatives on topics such as activities excluded from the definition of "providing credit rating services", persons to be registered as representatives of a CRA and the entry requirements for such representatives, and type of ancillary services that a CRA can offer.
