The CSA yesterday published proposed consequential amendments to a number of national instruments, policies and forms intended to implement the new regulatory regime surrounding designated rating organizations. As we discussed in an April post, the CSA recently adopted National Instrument 25-101, which sets out filing, disclosure and governance requirements applicable to such designated rating organizations.
The new requirement for a rating organization to apply for designation stems from the relevant securities legislation. On April, 30, 2012, the CSA announced the designation of DBRS Limited, Fitch, Inc., Moody's Canada Inc. and Standard & Poor's Rating Services (Canada) as "designated rating organizations". The purpose of the consequential amendments is therefore to amend all references to "approved" credit organization to refer to "designated" rating organizations and to otherwise provide for consistent terminology across rules and regulations dealing with credit ratings.
Comments on the proposed amendments are being accepted until October 24, 2012.
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