BCN 2010/24 - Notice and Request for Comment - Proposed National Instrument 25-101 Designated Rating Organizations, Related Policies and Consequential Amendments [BCN - Lapsed]
| Published Date: | 2010-07-16 |
|---|---|
| Rescinded Date: | 2012-04-20 |
| Related Document(s): |
Concurrently Published:
- 11-102 - Passport System [MI Amendment Proposed - Lapsed]
- 11-205 - Process for Designation of Credit Rating Organizations in Multiple Jurisdictions [NP Proposed - Lapsed]
- 25-101 - Designated Rating Organizations [NI Proposed - Lapsed]
- 25-101CP - Designated Rating Organizations [CP Proposed - Lapsed]
- 25-101F1 - Designated Rating Organization Application and Annual Filing [F Proposed - Lapsed]
- 25-101F2 - Submission to Jurisdiction and Appointment of Agent for Service of Process [F Proposed - Lapsed]
- 41-101F1 - Information Required in a Prospectus [F Amendment Proposed - Lapsed]
- 41-101F2 - Information Required in an Investment Fund Prospectus [F Amendment Proposed - Lapsed]
- 44-101F1 - Short Form Prospectus Distributions [F Amendment Proposed - Lapsed]
- 51-102F2 - Annual Information Form [F Amendment Proposed - Lapsed]
Substance and purpose of the proposed rule
The Canadian Securities Administrators (CSA) are publishing for comment proposed National Instrument 25-101 Designated Rating Organizations and its related forms.
The attached CSA notice describes what we and other members of the CSA are proposing. The proposed new rule would require credit rating organizations to apply for designation as a “designated rating organization” to allow their ratings to be used for securities regulatory purposes. Among other things, a designated rating organization must comply with a code of conduct, appoint a compliance officer, and file an annual report with securities regulators.
Other amendments and proposed policies
We are also publishing for comment proposed:
- Companion Policy 25-101CP to National Instrument 25-101 Designated Rating Organizations and National Policy 11-205 Process for Designation of Credit Rating Organizations in Multiple Jurisdictions
- consequential amendments to:
- Form 41-101F1 Information Required in a Prospectus
- Form 41-101F2 Information Required in an Investment Fund Prospectus
- Form 44-101F1 Short Form Prospectus
- Form 51-102F2 Annual Information Form
- Multilateral Instrument 11-102 Passport System
Proposed National Policy 11-205 Process for Designation of Credit Rating Organizations in Multiple Jurisdictions and the proposed amendments to Multilateral Instrument 11-102 Passport System extend the passport system to the designation of credit rating organizations.
The CSA notice describes where you can direct your comments relating to the proposal. We will consider all comments received by October 25, 2010.
Questions
You may refer questions to:
Noreen Bent
Manager and Senior Legal Counsel
Legal Services, Corporate Finance
British Columbia Securities Commission
604-899-6741 or (800) 373-6393 (toll free in Canada)
nbent@bcsc.bc.ca
Nazma Lee
Senior Legal Counsel
Legal Services, Corporate Finance
British Columbia Securities Commission
(604) 899-6867 or (800) 373-6393 (toll free in Canada)
nlee@bcsc.bc.ca
Christina Wolf
Economist
British Columbia Securities Commission
(604) 899-6860 or (800) 373-6393 (toll free in Canada)
cwolf@bcsc.bc.ca
July 16, 2010
Brent W. Aitken
Acting Chair
This Notice may refer to other documents. You can find these documents on the B.C. Securities Commission public website at www.bcsc.bc.ca in the Policies & Instruments or Historical Policies & Instruments sections of the website.