From 1 January 2010, credit rating agencies will be required to hold an Australian Financial Services (AFS) licence. Under the AFS licensing regime, general licensee obligations set out in the Corporations Act will require credit rating agencies to:
o manage conflicts of interest that may arise in their businesses;
o have resources available (including financial, human and information technology resources) that are adequate for the nature, scale and complexity of their businesses;
See full Press Release.
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