Under a new set of regulations put forward by the Australian Securities and Investments Commission, agencies which provide credit ratings now must get an Australian Financial Services License to ensure that the staff is adequately trained in providing ratings. Also, rating firms must have proper risk management systems so as to make sure that the ratings are provided "honestly and fairly".

As per the new rules, the existing class order relief would be withdrawn by ASIC effective January 1, 2010, after which the issuers of the investment products will not be able to directly cite credit ratings without seeking consent from any rating agency. The move will, ASIC believes, "make credit rating agencies accountable for ratings cited".

From next year, the changes implied would require credit rating firms to always give their consent for the rating which has been published by the issuers, including the form and context of the published rating.

The new regulations seem to be a reaction of a review carried out by the ASIC and Treasury last year in May of the regulations which were then being followed by the local credit rating agencies. It seems those were not strict enough and not all firms were treading fairly.