(4)According to the first condition, credit rating agencies in the third country must be subject to authorisation or registration and subject to effective supervision and enforcement on an ongoing basis. The Australian legal and regulatory framework for credit rating agencies was introduced on 1 January 2010. All relevant laws and regulations, namely the Corporations Act (2001) and the Australian Securities and Investments Commission (ASIC) Act (2001), have entered into force. According to this regulatory framework, credit rating agencies have to be registered and are supervised on an ongoing basis by the Australian Securities and Investments Commission (ASIC). The Australian legal and supervisory framework endows ASIC with sufficient powers to enable effective supervision and enforcement of credit rating agencies, including the power to sanction CRAs in breach of the applicable rules: ASIC can be warranted to seize books not produced by CRAs. On the basis of a search warrant granted by the competent judicial authority, ASIC has the power to search the premises of CRAs. In addition, ASIC is empowered by the Corporations Act to apply to a federal court for orders to cancel the licence of a credit rating agency. Following such cancellation of a licence, ASIC can apply to a court for orders to permanently prohibit the CRA from issuing credit ratings in Australia. Under the Corporations Act, ASIC may also apply for orders to stop unlawful behaviour by a CRA or impose fines where it has contravened any of its obligations under the relevant financial services legislation. The cooperation agreement concluded between ESMA and ASIC provides for information exchange with regard to enforcement and supervisory measures taken against cross border CRAs.