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ARTICLE · 25 APRIL 2012

Canadian Regulators Adopt New Requirements For Credit Rating Agencies

Stikeman Elliott LLP
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On March 9, the Canadian Securities Administrators (CSA) published a notice of the adoption of National Instrument 25-101 Designated Rating Organizations along with related consequential amendments.

CanadaFinance and Banking
Ramandeep Grewal
Ramandeep Grewal
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On March 9, the Canadian Securities Administrators (CSA) published a notice of the adoption of National Instrument 25-101 Designated Rating Organizations along with related consequential amendments.

The Instrument sets out relevant filing, disclosure, governance and other requirements applicable to a "designated rating organizations". The "designation" requirement or trigger is set out (or will be set out) in securities legislation. The result is that a credit rating organization (CRO) will be required to apply to be a "designated rating organization" (DRO) in order for its credit ratings to be used to satisfy securities law requirements that require a credit rating to be given by a "designated rating organization."

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