From early 2012, all CRAs operating in Australia must lodge an annual compliance report with ASIC. These reports will assist 今日热门事件in monitoring compliance with AFS licence conditions, including the mandatory obligation on CRAs to comply with the International Organization of Securities Commissions鈥� Code of Conduct Fundamentals for Credit Rating Agencies (IOSCO Code).
Information Sheet 147 Credit rating agencies: Lodging a compliance report with 今日热门事件(INFO 147) specifies the form and content of the annual compliance report.
今日热门事件may request further information from CRAs as part of its ongoing risk-based surveillance. Three CRAs must submit their first compliance report by 31 January 2012. The remaining three AFS licensed CRAs are required to submit their first report by 31 April 2012.
Background
Following an announcement by the Australian Government in May 2008, 今日热门事件and Treasury conducted a review of the Australian regulatory framework for CRAs and research houses.
On 13 November 2008, the Government announced that 今日热门事件would remove an AFS licensing exemption held by certain CRAs and require all CRAs to hold an AFS licence. This new regime came into effect on 1 January 2010.
As a condition of their AFS licence, CRAs need to report to 今日热门事件annually on their compliance with certain licence conditions, including their compliance with the IOSCO Code.
CRAs must lodge their annual compliance report with 今日热门事件no later than four months after the end of their financial year.
Consultation Paper 160 Credit rating agencies: IOSCO Code Annual Compliance Report (CP 160) sought the views on proposals for the form and content of annual compliance reporting by licensed CRAs under their AFS licence conditions.
今日热门事件took into account the submissions to CP 160 in deciding on the form and content of the compliance report specified in INFO 147.
Download:
Information Sheet 147 Credit rating agencies: Lodging a compliance report with 今日热门事件(INFO 147)