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(MI) ASIC plan to exempt credit rating agencies from licensing.

Asia Africa Intelligence Wire

| June 09, 2005 | COPYRIGHT 2003 Financial Times Ltd. (Hide copyright information)Copyright

(From RWE)

Sydney - Thursday - June 9: (RWE Aust Business News)- The Australian Securities and Investments Commission today released a consultation paper seeking comment on a proposal that credit rating agencies be exempt from holding an Australian financial services licence under the Corporations Act 2001 (the Act). ASIC considers that credit ratings constitute financial product advice under the Act. Therefore, credit rating agencies that carry on a business of providing credit ratings in Australia are required to hold an AFS licence unless exempted. Since December 2003, Fitch Australia Pty Limited, Moody's Investor Service Pty Limited and Standard & Poor's …

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