Australian Securities and Investments Commission (ASIC) announced it has decided to withdraw current class order relief that allows issuers of investment products to cite credit ratings without the consent of credit rating agencies.

Following public consultation, ASIC has decided to remove the exemption from 1 January 2010. This will make credit rating agencies accountable for ratings cited in disclosure and strengthen credit rating agencies' control over the use of their credit ratings.

From 1 January 2010, issuers must ensure that the credit rating agency has given its consent for the inclusion of a credit rating (and its form and context) in any fund raising or takeover documents that will be issued after this date.

12 November, 2009