Senator the Hon Nick Sherry, Minister for Superannuation and
Corporate Law, has announced that he has asked the Treasury with the Australian Securities and Investment Commission
(ASIC), to review the regulation of credit rating agencies (CRAs) and
research houses in Australia.

Treasury and ASIC will seek input from
the Australian Prudential Regulation Authority (APRA) and other
relevant agencies, together with stakeholders from the investor,
shareholder and superannuation communities.

In
addition to CRAs, the review will examine financial product research
houses, in particular the role they played in the provision of advice
to investors in several major recent corporate collapses, such as
Westpoint.

The review will commence work immediately and report to the Government within six months.