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ARTICLE · 27 APRIL 2012

New Regulatory Regime For Credit Rating Organizations

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The Canadian Securities Administrators (CSA) are adopting National Instrument 25-101 Designated Rating Organizations (NI 25-101), related policies and related consequential amendments, that will impose new requirements on credit rating agencies or organizations (CROs) that wish to have their credit ratings eligible for use in securities legislation.

CanadaFinance and Banking
William Osler
William Osler
Harinder Basra
Harinder Basra
Juliamai Giffen
Juliamai Giffen
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The Canadian Securities Administrators (CSA) are adopting National Instrument 25-101 Designated Rating Organizations (NI 25-101), related policies and related consequential amendments, that will impose new requirements on credit rating agencies or organizations (CROs) that wish to have their credit ratings eligible for use in securities legislation. The new instrument, related policies and related consequential amendments will come into force on April 20, 2012.

Background

CROs play a significant role in credit markets, and ratings issued by CROs are routinely referred to in offering and continuous disclosure documents of reporting issuers. However, CROs are not currently subject to formal securities oversight in Canada.

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