The Australian Treasury and the Australian Securities and Investments Commission have published a joint report titled "Review of credit rating agencies and research houses". The report describes the current regulatory framework for CRAs in Australia and notes international developments. It highlights how law and regulation my be able to address the regulatory issues identified concerning CRAs. Regulatory changes have been announced by Treasury Minister Nick Sherry: CRAs and research houses will be required to hold an Australian Financial Services Licence and CRAs will be obliged to produce an annual report explaining their compliance with the International Organisation of Securities Commissions (IOSCO) Code of Conduct Fundamentals for CRAs.
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