NOTICE AND REQUEST FOR COMMENT

NOTICE AND REQUEST FOR COMMENT PROPOSED NATIONAL INSTRUMENT 25-101 DESIGNATED RATING ORGANIZATIONS, RELATED POLICIES AND CONSEQUENTIAL AMENDMENTS July 16, 2010 1. Purpose of notice We, the members of the Canadian Securities Administrators (the CSA) are publishing for comment a proposed rule, policies and related consequential amendments that would impose requirements on those credit rating organizations that wish to have their credit ratings eligible for use in places where credit ratings are referred to in securities legislation. Specifically, we are publishing: National Instrument 25-101 Designated Rating Organizations (the Proposed Instrument), Companion Policy 25-101CP to National Instrument 25-101 Designated Rating Organizations (the Proposed Companion Policy), Consequential amendments to National Instrument 41-101 General Prospectus Requirements, Consequential amendments to National Instrument 44-101 Short Form Prospectus Distributions, Consequential amendments to National Instrument 51-102 Continuous Disclosure Obligations, and National Policy 11-205 Process for Designation as a Designated Rating Organizations in Multiple Jurisdictions (the Proposed NP 11-205). The Proposed Instrument, the Proposed Companion Policy, the proposed consequential 1amendments and Proposed NP 11-205 are collectively referred to as the Proposed Materials. We are publishing the Proposed Materials with this Notice. Certain ...