The Canadian Securities Administrators is extending the comment period on their consultation paper proposing reforms to the non-bank sponsored asset-backed commercial paper market, the CSA said Friday.

The CSA is now seeking comment by Feb. 16, 2009. The public comment period was due to end on Dec. 20.

“The CSA made the extension at the request of constituents.” it said.

Among other things, the paper proposes taking jurisdiction over the credit rating agencies, reducing the reliance on credit ratings in securities legislation, and reforming a number of elements of the exempt market regulatory regime, including the short-term debt exemption and the accredited investor exemption.

IE