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SEC Issues Annual Reports on Credit Rating Agencies

Joe Mont | December 31, 2015

The Securities and Exchange Commission has issued annual staff reports on credit rating agencies registered as nationally recognized statistical rating organizations (NRSROs). The news in the annual report, summarizing examinations of each NRSRO, as required by the 2010 Dodd-Frank Act, is cautiously good. It shows that NRSROs have made operational improvements and have enhanced process accountability, controls and governance.

A separate annual report, mandated by the 2006 Credit Rating Agency Reform Act, discusses the state of competition, transparency, and conflicts of interest at NRSROs.  It notes that some smaller NRSROs have continued to increase their market share, particularly for credit ratings of asset-backed securities.  The report also discusses new requirements for NRSROs that took effect in June to address internal controls, conflicts of interest, disclosure of credit...

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