The Australian Securities and Investment Commission will tighten financial targets for debenture issuers, if it adopts policies outlined in a consultation document released yesterday.ASIC proposes that debenture issuers that accept retail investments and engage in lending should have a minimum capital ratio of eight per cent of risk-weighted assets. ASIC also proposes that debenture issuers maintain a minimum holding of nine per cent of their liabilities in high-quality liquid assets.ASIC said that if issuers breached the capital or liquidity ratios "they would be prevented from raising further funds."The demise of Provident Capital, Banksia Securities and Wickham Securities over the last year has provided fresh impetus to review the obligations of a group of funders that has shrunk markedly since the financial crisis.