On April 30, the Canadian Securities Administrators announced the designation of DBRS Limited, Fitch, Inc., Moody's Canada Inc., and Standard & Poor's Rating Services (Canada) as designated rating organizations under National Instrument 25-101 Designated Rating Organizations. As we discussed last month, the CSA recently adopted NI 25-101, which sets out a regulatory framework for the oversight of credit rating organizations.

According to the CSA, the four rating agencies granted DRO status are in compliance in all material respects with relevant U.S. federal securities laws applicable to nationally recognized statistical rating organizations, which are equivalent to the obligations under NI 25-101. Under the designation orders, each DRO will have a six month transition period to fully implement all NI 25-101 requirements.